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ClusterSeven Named Best-of-breed Solution for Data Integrity and Control in 2016...

ClusterSeven the only EUC management solution provider in the best-of-breed categoryLondon, U.K., 14 December 2016 – ClusterSeven, the leading provider of strategic software for End User Computing (EUC) management, today announced that Chartis, a research provider on global market for risk technology, has named its EUC governance platform as ‘best-of-breed’ in its 2016 FinTech Quadrant for data integrity and control solutions in financial services.

ClusterSeven is the only EUC management solutions provider included in the best-of-breed category in the Quadrant. Chartis describes best-of-breed solutions as having best-in-class point solution capabilities, depth of functionality, a growing client base, superior sales and marketing execution and a clear strategy for sustainable profitable growth.

Crucially, best-of-breed solution providers demonstrate a healthy rate of investment in R&D, and have specific product or go-to-market capabilities that give them a competitive advantage. ClusterSeven solution’s key differentiators as emphasised by Chartis include speed of deployment, offering visibility and control, supporting rapid evolution, detecting and escalating anomalies in unstructured data to reduce manual checks, automation and EUC management. Peyman Mestchian, Managing Partner, Chartis, said, “While many vendors offer some form of EUC management capability, the ClusterSeven solution delivers transparency of all EUC activity to substantial depth across multiple corporate financial and regulatory processes.

This is a key differentiator.” Additionally, Chartis especially highlighted ClusterSeven’s functionality from a regulatory perspective, stating, “ClusterSeven functionality is particularly associated with new or unusual data integrity and control processes, typically associated with new regulatory demands (such as BCBS 239 or stress testing), or processes tied to legacy architecture or customer-specific requirements that cannot easily be met by third-party solutions.” “Data integrity and quality is fundamental to regulatory commitments of course, but also for the more strategic aspects of business,” commented Chris Gomersall, CEO of ClusterSeven. “The ClusterSeven platform is designed to deliver visibility and control of organisations’ entire EUC landscape to minimise financial, operational, regulatory and reputational risk. We are delighted with our positioning in the quadrant and for the ‘shout out’ by Chartis.” The full 2016 Data Integrity and Control in Financial Services Report by Chartis is available here: http://www.chartis-research.com/research/reports/data-integrity-and-control-solutions-in-financial-services-2016 About ChartisChartis is the leading provider of research and analysis on the global market for risk technology and is part of Incisive Media which has market leading brands such as Risk and Waters Technology.

Chartis' goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology. RiskTech Quadrant®, RiskTech100® and FinTech QuadrantTM are registered trademarks of Chartis Research (http://www.chartis-research.com). About ClusterSevenLondon-based ClusterSeven has developed a range of market-leading software products that provide oversight and transparency of a firm’s spreadsheets, user-built databases and modelling tools.

ClusterSeven’s solutions provide departments such as finance and internal audit full confidence in the integrity of their firm’s spreadsheet data, while also offering substantial savings on the time and resources used to check data processes and accuracy. ClusterSeven was founded in 2003 and established a New York office in 2006.

The firm now has a third of the world’s top 30 banks as clients as well as multiple leading insurers, investment managers and energy firms.
In June 2015, private equity firm Azini Capital Partners LLP acquired 100% of ClusterSeven and has provided additional investment to promote high quality product development and wider customer engagement. For more information about ClusterSeven, visit www.clusterseven.com.For any PR & Media enquiries, please contact Laura Whitehead at PR@clusterseven.com

Increasing GRC Demands and Efficiency Imperatives Will Make End User Computing...

Henry Umney, Director, ClusterSeven, highlights his views on the technology trends in the banking and financial services sector in 2017:

  • CFOs will drive transformation to align EUC models and enterprise systems

With ever-growing financial regulation, CFOs are under increasing pressure to demonstrate with certainty that they have full knowledge of data sources used for reported statements, to rule out errors and misreporting. However, due to the ubiquitous, uncontrolled and unmonitored use of spreadsheets and end user computing (EUC) applications, many CFOs are struggling to offer such cast-iron guarantees.
In 2017, CFOs will drive transformation initiatives to align and integrate EUC models with enterprise systems to achieve end-to-end transparency of business-critical processes – right from the creation of an EUC application by a user, visibility of data lineage between EUCs through to its retirement in the corporate system.

  • Tangible efficiency-led cost savings will drive automation of business critical financial and compliance processes

With a vast number of day-to-day, but critical operational business processes, being undertaken in often poorly undocumented spreadsheets, the benefits accrued to users is reaching a tipping point whereby the very reasons for using such EUC applications – i.e. flexibility, agility, efficiency and productivity – are negating as they are becoming a drain on the time and resources of users.

The latest ClusterSeven survey report entitled, ‘The Spreadsheet is Here to Stay’, finds that internal audit, finance, compliance and risk management professionals spend, on average, 43% of their time monitoring and validating information on spreadsheets.

Those in management, spend closer to 47% of their time on this activity. With the use of spreadsheets for business-critical processes slated to grow over the next two years, financial institutions will look to streamline and automate the management of the financial and compliance processes in the EUC environment to optimise the efficiency and productivity gains such applications genuinely offer; and thereby make tangible financial savings as a result of reduced manual effort.

  • EUC risk management will be a key component of broader GRC strategies of financial institutions

To deliver against stringent governance, risk management and compliance (GRC) reporting and management goals, financial institutions regularly deploy GRC solutions to understand the organisation’s overall operational risk posture. With many regulators demanding transparency around the ecosystem of EUC tools (e.g.

BCBS239, CCAR, DFASR) that feed models, in 2017, financial institutions will look to make EUC risk management a key component of their broader GRC strategy. Presently, through enterprise GRC solutions alone, organisations are hampered in their ability to monitor the EUC landscape with the granularity that regulators are expecting.

  • Momentum will build to move core financial and compliance processes to the secure cloud

Research shows that with the adoption of Microsoft Office 365 in business, a large amount of sensitive data is already (and perhaps inadvertently) stored in the cloud. With employees now collaborating on critical spreadsheets via the cloud, the proliferation of uncontrolled EUCs will likely increase.

To meet workforce demands of 24x7 anytime, anywhere and from any device access to business information, financial institutions will be compelled to devise and execute on a broader cloud strategy, in order to formally move business critical spreadsheet and EUC-related operational processes to the secure cloud.

Note to editors: Henry Umney is available to discuss his views in more detail.

About ClusterSeven
London-based ClusterSeven has developed a range of market-leading software products that provide oversight and transparency of a firm’s spreadsheets, user-built databases and modelling tools.

ClusterSeven’s solutions provide departments such as finance and internal audit full confidence in the integrity of their firm’s spreadsheet data, while also offering substantial savings on the time and resources used to check data processes and accuracy.

ClusterSeven was founded in 2003 and established a New York office in 2006.

The firm now has a third of the world’s top 30 banks as clients as well as multiple leading insurers, investment managers and energy firms.
In June 2015, private equity firm Azini Capital Partners LLP acquired 100% of ClusterSeven and has provided additional investment to promote high quality product development and wider customer engagement.

For more information about ClusterSeven, visit www.clusterseven.com.
For any PR & Media enquiries, please contact Laura Whitehead at PR@clusterseven.com

Q&A: Optiv Security CEO Dan Burns On Private Equity Acquisition, Cloud...

The Complicated Security Landscape Optiv Security is on a mission to become the biggest global security solution provider.

The latest step in that undertaking took place Tuesday, with the solution provider saying that private equity firm KKR & Co. ...

Optiv CEO Aims To Build The Biggest Global Security Provider By...

Optiv Security has always looked to be the biggest security player on the block, but the company is now looking to take that vision global under new private equity ownership, CEO Dan Burns said.

Optiv announced Tuesday that private equity firm KKR & Co. planned to acquire a majority stake in the security solution provider, with current owner Blackstone Group maintaining a minority stake. One report put the purchase price at nearly $2 billion.

The deal is expected to close in the first quarter of 2017.

One of the first steps under the new ownership will be to sit down and "hone the master plan" to expand Optiv globally, Burns said. Optiv currently sells its products and services in 76 countries but does so primarily using partnerships and regional distributors.

As one of the world's largest private equity firms, with investments and locations around the globe, Burns said KKR would prove critical as Optiv looks to establish its foothold around the world.

[Related: Security Blockbuster: Optiv Security Acquired By Private Equity Firm KKR]

Burns said a large part of that strategy under KKR will be acquisition.

"We will have to acquire," Burn said. "I believe that is the only way to get started. We will get interesting acquisitions globally."

Burns said Optiv would likely first look to acquire in Europe, then turn to Asia.

Then, he said Optiv could look to expand into South America and other regions two to three years down the line.

"[Optiv will then] truly become the global security solution provider.

That is the No. 1 priority of the organization," Burns said.

Martin Wolf, president of martinwolf M&A Advisors of Walnut Creek, Calif., expects KKR to help significantly expand Optiv's international presence. "This opens the door for Optiv to move higher up the value chain," he said.  "By leveraging someone like KKR that can aggregate customers, they'll build a big [security] platform.

To the extent they are successful, it will be a shift in value and leverage to more customer facing people than just technologists."

Burns said Optiv believes that scale is key in today's security market. He said large enterprises are looking for solution provider partners that can help them solve big problems, see major themes in the industry and quickly bring the knowledge, people, expertise and technology to bear to address those factors.

"Our vision has always been to be large," Burns said. He noted that enterprise security has become incredibly complex and challenging to manage, but "to work with a single partner that can solve all these really complex problems more effectively and more efficiently is extremely attractive to the client."

Security Blockbuster: Optiv Security Acquired By Private Equity Firm KKR

Security solution provider giant Optiv Security is changing private equity hands, announcing Tuesday that KKR & Co intends to acquire the Denver-based company.

Terms of the deal were not disclosed.

Under the terms of the deal, KKR will own a majority stake in Optiv, adding it to an $18 billion portfolio that includes a number of information security companies, including Darktrace, Ping Identity and Cylance.

[Related: The 10 Biggest Channel Stories Of 2016]

Optiv is currently primarily owned by private equity firm Blackstone Group, which will maintain a minority interest in Optiv, the company said. While Blackstone has proved critical to establish the company's strategy and wide breadth of offerings, Optiv CEO Dan Burns said the move to KKR will "enable our company to better help global clients address their full range of cyber risk and security needs in a customized and integrated fashion."

“More and more organizations are seeking an end-to-end cybersecurity solutions provider at scale that has awareness over every domain of cybersecurity and the ability to execute a comprehensive security strategy,” Burns said in a statement. “We are excited about this agreement and look forward to working with KKR to become the world’s most advanced, most comprehensive and most trusted partner for cybersecurity solutions.”

Optiv has played an influential role in the security market since early 2015, when it closed the merger between security powerhouses Accuvant and FishNet Security.

Accuvant had been owned by Blackstone.

The combined companies created a $1.5 billion security behemoth, which assumed the name Optiv in April 2015.

Optiv has continued to expand since the merger, unveiling the acquisitions of identity and access management company Advancive in April, third-party risk application company Evantix in May, and New England security solution provider Adaptive Communications in June.

In November, Optiv filed for its initial public offering of stock, looking to raise $100 million.

At that time, Optiv reported revenues of $947 million for 2015.
It's not clear how the changing of private equity control will affect Optiv's planned IPO, the proceeds from which it said it would put toward general corporate purposes and to pay down its significant debt, which totaled $651.8 million at the end of September.

End User Computing Risk Widely Recognised, Yet UK Organisations Lacking Controls...

Use of Excel spreadsheets for business critical processes to increase over next two years

London, U.K., 06 December 2016 – Findings of a new survey by ClusterSeven, the leading provider of strategic software for End User Computing (EUC), reveals that EUC risk is widely recognised by organisations in the UK and yet there’s only a small minority of businesses that are even imposing manual control policies to mitigate the emanating threats.

The report entitled ‘The Spreadsheet is Here to Stay’, suggests that this is indeed surprising as EUCs are one of the key contributors of financial, regulatory, operational and reputational risk.

An overwhelming 88% of respondents acknowledge the risks posed by spreadsheets and other EUCs, but only 24% are enforcing manual controls and even a smaller minority are instituting automated checks to curtail the risks. Particularly in the financial services industry, nearly 57% of respondents rate ‘spreadsheet’ risk as a serious or very serious.

More than 60% of organisations are relying on spreadsheets for business critical data processes, which represents a significant amount of work taking place in an unmonitored and uncontrolled business environment.

Furthermore, auditors (nearly 60%), regulators (40%) and risk and compliance professionals (nearly 45%) believe that this use of spreadsheets for business critical processes will increase over the next two years.

Clearly, EUC applications are the preferred option for numerical manipulation and problem solving.

This is despite the fact that financial and reputational loss due to EUC error is almost an expected outcome by organisations with early 50% of respondents expecting such an event to occur in the next two years.

Interestingly, 76% of organisations want to replace spreadsheets with a different type of business information management system, but 25% acknowledge that it is an unrealistic aspiration.

“The title of this report is very apt, spreadsheets are indeed here to stay,” commented Chris Gomersall, CEO of ClusterSeven. “Imperfect as spreadsheets and other EUCs might be, they offer users the flexibility and agility to speedily undertake complex calculations, produce reports and develop models to meet changing business needs. Rather than negligently risk loss, organisations are better off automating and adopting management processes so that EUCs and corporate systems can safely and securely co-exist to meet the needs of the users and business alike.

The alternative – i.e. using EUCs uncontrolled – isn’t a business risk work taking as potentially the penalties could be crippling.”

This study was commissioned by ClusterSeven in 2016, surveying nearly 160 internal audit, finance, compliance and risk management professionals working in organisations across the UK.

To download the full report, visit: http://clusterseven.com/report/.

About ClusterSeven
London-based ClusterSeven has developed a range of market-leading software products that provide oversight and transparency of a firm’s spreadsheets, user-built databases and modelling tools.

ClusterSeven’s solutions provide departments such as finance and internal audit full confidence in the integrity of their firm’s spreadsheet data, while also offering substantial savings on the time and resources used to check data processes and accuracy.

ClusterSeven was founded in 2003 and established a New York office in 2006.

The firm now has a third of the world’s top 30 banks as clients as well as multiple leading insurers, investment managers and energy firms.
In June 2015, private equity firm Azini Capital Partners LLP acquired 100% of ClusterSeven and has provided additional investment to promote high quality product development and wider customer engagement.

For more information about ClusterSeven, visit www.clusterseven.com.
For any PR & Media enquiries, please contact Laura Whitehead at PR@clusterseven.com

Security Solution Provider Superstar Optiv Files For IPO

After months of rumors of an IPO on the horizon, security solution provider Optiv Security is finally hitting the public market.

Denver-based Optiv officially filed its S-1 registration filing with the U.S. Securities and Exchange Commission Friday, intending to list on the New York Stock Exchange under the symbol "OPTV."

Optiv declined to comment to CRN about the filing.

[Related: Another Blockbuster Buy: Symantec Plans To Acquire LifeLock For $2.3B]

According to the S-1 filing, Optiv hopes to raise around $100 million in funding, although it did not say how many shares it planned to sell or at what price. It said it hopes to put the financing toward investments in "short-term demand deposits at various financial institutions," general corporate purposes, and to pay down its significant debt, which totaled $651.8 million at the end of September.

Optiv is primarily owned by private equity firm Blackstone Group, which had previously owned Accuvant.

Optiv has played an influential role in the security market since early 2015, when it closed the merger between security powerhouses Accuvant and FishNet Security. The combined companies created a $1.5 billion security behemoth, which assumed the name Optiv in April 2015.

Optiv has continued to expand since its merger, unveiling the acquisitions of identity and access management company Advancive in April, third-party risk application company Evantix in May, and New England security solution provider Adaptive Communications in June.

According to the S-1 filing, Optiv had sales of $643.8 million for the nine months ending Sept. 30, a drop of 1 percent year over year. The company has seen dropping security technology revenue, down 8 percent year over year to $490.3 million, and rising services sales, up 30 percent year over year to $153.4 million. Optiv reported a loss of $5.7 million on those sales, compared with a loss of $13.6 million in the same period the year before.

For the full year last year, Optiv reported revenue of $947.3 million, up 134 percent year over year, with a 136 percent increase in its security technology business to $783 million and a 126 percent increase in its security services business to $164.3 million. It reported a loss of $14.4 million on those 2015 sales.

It has been a relatively slow year overall when it comes to tech IPOs, although some other security companies have also filed for their initial public offerings. Dell SecureWorks, an Optiv competitor, filed for its IPO in April, launching into the public market later that month.

Blue Coat Systems also filed an S-1 for an IPO, but shortly after announced its acquisition by Symantec. There have been reports that next-generation endpoint security company Carbon Black could be readying for an IPO.

Intel Security Unveils New Logo, New Strategy Details For McAfee After...

With a slew of new products and a new name, Intel Security is also getting a new look.

At the company's Focus 16 event in Las Vegas on Tuesday, Intel Security announced the launch of a new logo (pictured) that will be the face of the company as it takes on the McAfee name following its spinout from parent company Intel in April.

The new logo is a "visual representation of the future" for Intel Security, Senior Vice President and General Manager (and soon-to-be McAfee CEO) Chris Young said.

[Related: 6 Hot New Intel Security Products From Focus 16 Event]

"It's a symbol for us of a new beginning," Young said to the approximately 3,500 customers and partners in the audience. "It’s a visual representation of what's core to our DNA, and our strategy," he said.  

The logo calls back to the company's legacy roots as McAfee, a name it held before its 2010 acquisition by Intel for $7.6 billion and will return to after its spinout deal to private equity firm TPG closes early next year. Young said the red color of the logo recognizes the McAfee past, with the shield shape representing defense and the two interlocking components representing "togetherness" with the rest of the industry.

"We're looking forward to the future. We're not looking back … Our challenges in our industry have moved on and so must we. We're looking forward as a new organization, and we will accelerate what we're doing so we can be better at solving your challenges in the future," Young said.

Young said being a standalone security vendor will present three benefits to the company: focus on cyber security, accelerated innovation and the ability to grow more quickly in the market.

The new company will have around 7,500 employees globally and $2 billion in revenue, he said. What won't change at the "new McAfee," Young said, is the company's commitment to its products, roadmap and partners.

To that end, Intel Security has invested $500 million over the past year in organic development and "accelerated innovation," Young said.

The new products included major revamps around endpoint, data center, data protection, and cloud security, as well as expanding DXL to new technology partners and open sourcing the threat intelligence network.

Atos Chief Operating Officer for Big Data and Security, Pierre Barnabe,  detailed one way a partner can work with Intel Security under this new vision, as the European IT services provider rolled out a managed security services offering in partnership with the vendor.

Atos will deliver the full McAfee Threat Defense Lifecycle offering as a managed service, available in the cloud, hybrid or on-premises, leveraging its big data and analytics expertise.

Intel Takes Its Consumer Security Engine to the Cloud

The chip maker is offloading the analytics work of its anti-malware engine to the cloud to increase the effectiveness in detecting threats. Intel is turning to the cloud to make its consumer security capabilities more effective.The chip maker's security group this week unveiled enhancements to its McAfee AntiVirus Plus, Internet Security, Total Protection and LifeSafe software suite that aim to protect the growing number and variety of connected devices consumers are using as the internet of things (IoT) continues to grow."People are enjoying more and more connected devices as part of everyday life—in their homes, in their cars and even in the things they wear," John Giamatteo, corporate vice president and general manager at Intel Security, said in a statement. "This wave of new connectivity is exciting, and a reminder that security is more important than ever. We know our customers need solutions that protect their digital lives, particularly as connectivity continues to rise and threats continue to evolve."The enhanced security offerings are aimed at PCs as well as Apple Macs and mobile devices running on Apple's iOS and Google's Android mobile operating systems. Central to the upgraded lineup is the McAfee Next Generation Anti-Malware Engine, which uses behavioral analytics and machine learning to better automatically detect and block malware as it arises without having to rely on human research, according to Intel officials.
It's also more efficient and effective at detecting malware threats by offloading the analytics work to the cloud, they said. In addition, Intel Security's True Key provides multifactor authentication to enable consumers to safely log in to websites using such technologies as facial recognition and fingerprints.

Among the updates to the software are master password reset and the ability to import data from other password managers.

The True Key app is included with LifeSafe, Total Protection and Internet Security.Intel Security also is offering enhancements to protection features for Mac and Android devices that officials said increases the ability to detect threats in the systems.

The chip maker also is making a Virus Protection Pledge that comes when a customer's subscription is renewed automatically, promising that if a consumer's device is infected with a virus they can't handle, the McAfee support group will remove it or the customer gets a refund.In announcing the enhancements, company officials pointed to not only the growing number of connected devices consumers are using but the rise in threats to those devices, particularly ransomware.

According to the McAfee Labs Threat Report released in June, new ransomware—where hackers steal data and refuse to give it back until a ransom has been paid—has grown 120 percent since the first quarter 2015.At the same time, most consumers now own at least three connected devices, putting a greater emphasis on the need for enhanced security capabilities, they said.Intel Security's announcement comes a month before the company's Focus 2016 security show, which runs Nov. 1-3 in Las Vegas.
In addition, it comes a month after Intel announced it is spinning out its cyber-security software business in a partnership with private equity firm TPG in a deal worth about $4.2 billion.
Intel and TPG will create a new, independent company based on the Intel Security unit and retaining the name the McAfee name.

TPG will own 51 percent of the new company, while Intel will own the other 49 percent.Intel bought McAfee in early 2011 for $7.6 billion with the idea of integrating more security capabilities into its chips to offer better protection from everything from PCs to servers.

The unit has made money over the years, but officials are steering the company in other directions to address such emerging markets at the internet of things (IoT), virtual reality, the cloud and data center systems.

Sumitomo Mitsui Banking Corporation Europe Deploys End User Computing Management Solution...

ClusterSeven will help the Bank cost effectively determine the residual risk profile of its London operationLondon, U.K., 19 September 2016 – Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), a subsidiary of the global Japanese commercial bank, is deploying ClusterSeven’s End User Computing (EUC) governance platform to enable the bank to understand its EUC (spreadsheets, databases and financial modelling tools) landscape, identify where the risks lie and institute the necessary automated controls to mitigate them.

This is driven by the ever-growing and stringent reporting requirements stipulated by Common Reporting (COREP), the reporting framework issued by the European Banking Authority for the Capital Requirements Directive; and the Sarbanes Oxley Act of 2002, among many other Prudential Regulation Authority directives. The ClusterSeven framework will be centrally deployed in the Risk Management department of the bank and rolled out to users across the bank.

This will encourage broader ‘ownership’ of risk management. SMBCE will establish a central, automated control framework for EUC management based on the risk policies and procedures of the organisation.

The bank will have visibility of all its critical EUC files across their lifecycle – from creation through to retirement – that have been prioritised and reside in the ClusterSeven solution.

To support SMBCE’s data integrity, departments will be able to easily track and closely monitor the changes being made to the critical / high risk EUC files. Where there is duplication of models for similar calculations, the bank will be able to eliminate repetition, for cost and time efficiency. Likewise, where deemed important, the bank will be able to decommission critical EUC files and move the data to the enterprise system for confidentiality and data security. “This approach to EUC control will enable us to help control the bank’s residual risk,” explained Keith Haylock, Assistant General Manager, Risk Management Department at Sumitomo Mitsui Banking Corporation Europe Limited. “As the burden of regulatory reporting has grown, so has the use of EUC applications in the organisation.

The number of reports we need to submit have increased from 20 to nearly 200.

An understanding, visibility and control of our EUC landscape is vital.

The ClusterSeven solution will assist us with our own internal business risk management and governance, and in complying with the regulatory mandate.” SMBCE chose the ClusterSeven platform for its functionality and suitability for the organisation, proven track record for successful deployment, the team’s consultancy-led approach to implementation and excellent customer support.

All this clearly came to light in the way the company undertook the six-week proof of concept at the bank. Chris Gomersall, CEO of ClusterSeven, commented, “Often, regulation is the trigger for financial institutions to undertake EUC risk management. Nonetheless, it’s only after EUC management is embedded that organisations realise and appreciate the true business value of the discipline.

A recent report from Chartis, which for the first time quantifies the risk associated with EUC errors, clearly demonstrates that organisations have no choice, but to make EUC risk management a Board-level agenda item, due to the financial, regulatory and operational risks they face. “EUC management provides control and change management mechanisms to ensure the highest quality of data, which is fundamental to curtailing all manner of business risks and informed decision-making in today’s highly competitive business environment.

Automation is the only cost-effective and fool-proof way to control and manage the environment.” About ClusterSevenLondon-based ClusterSeven has developed a range of market-leading software products that provide oversight and transparency of a firm’s spreadsheets, user-built databases and modelling tools.

ClusterSeven’s solutions provide departments such as finance and internal audit full confidence in the integrity of their firm’s spreadsheet data, while also offering substantial savings on the time and resources used to check data processes and accuracy. ClusterSeven was founded in 2003 and established a New York office in 2006.

The firm now has a third of the world’s top 30 banks as clients as well as multiple leading insurers, investment managers and energy firms.
In June 2015, private equity firm Azini Capital Partners LLP acquired 100% of ClusterSeven and has provided additional investment to promote high quality product development and wider customer engagement. For more information about ClusterSeven, visit www.clusterseven.com.For any PR & Media enquiries, please contact Laura Whitehead at PR@clusterseven.com

Future McAfee CEO: We Will Be The 'Biggest And Best Cybersecurity...

With a return to being a stand-alone security vendor, courtesy of a blockbuster private equity deal at the beginning of September, leader Chris Young said Intel Security plans to be the “biggest and best” cybersecurity vendor in the market. “The opportunity for us … is to create the biggest and best cybersecurity player that's out there. We see this opportunity to be a real platform player, but 100 percent focused on cybersecurity and really pure-play in that mission,” said Young, who currently serves as senior vice president and general manager of Intel Security and will serve as CEO when the spin-out is completed next year. The deal spins out Intel Security from parent company Intel, creating a stand-alone security vendor.
Intel Security will return to the McAfee name after the close, which it dropped after its acquisition of the company for $7.7 billion in 2010.
Intel will retain 49 percent ownership, receiving $3.1 billion in cash, and private equity firm TPG Capital will own 51 percent. [Related: Q&A: Future McAfee CEO Chris Young On Intel Spin-Out And Why 'Future Is Bright' For Intel Security And Partners] “Intel is a great company and I think we’re better for having been a part of Intel, but this allows us … to be an independent organization, completely focused on cybersecurity at our core,” Young said. Over the past year, Intel Security has adopted a new strategy to be a platform player for the full threat defense life cycle, investing in technologies for protection, detection and response.

The security vendor has also had to make some “tough choices” when it came to its product portfolio, including the sale and end of life of around a dozen product lines. With those changes as the foundation, Young said the “new McAfee” will be coming to market with a “solid” strategy and a full set of offerings to meet rising customer demands for platform security players. “Every partner wants to deal with fewer players and they want more technology providers they can partner with to deliver large-scale solutions, and that’s the opportunity really that is out there for us as an independent company. We’re excited about that,” Young said. Young said he was confident that full set of capabilities will set Intel Security apart as the market sees a rise in next-generation endpoint security startups, which are looking to take share from the traditional and aging anti-virus market, where Intel Security has a significant business. “We’re still one of the largest players in the space by a long way relative to many of the players that are out there.
I’m glad that the small companies are innovating and making a big push, but at the end of the day we’re far and away larger, we have thousands of engineers working on this problem, and venture capital firms and startups aren’t going to solve a problem as complex as this one on their own,” he said.   As for the big-name competitors, like Symantec, Young said “they have their work cut out for them” and “nothing changes” in the competitive landscape with the competitor’s recent acquisition of Blue Coat Systems.

Partners, Analysts Thrilled By Intel Security Deal To Become Stand-Alone Security...

Intel Security is spinning out to be a stand-alone security vendor, and partners and analysts couldn’t be more thrilled. “It’s a good thing for us. We’re fired up for the McAfee split,” said Jamie Shepard, senior vice president of health care and strategy at Addison, Texas-based Lumenate. Intel Security said Wednesday that it had finalized a deal with private equity firm TPG Capital to spin out from parent company Intel, with Intel retaining a 49 percent ownership stake in the company and TPG holding a 51 percent stake.
Intel Security General Manager Chris Young will continue to lead the company, assuming the title of CEO. [Related: 12 Massive M&A Deals Reshaping The Channel: August 2016] Shepard said the spin-out will allow Intel Security, which will return to its McAfee name after the deal’s anticipated close in the second quarter of 2017, to have more freedom to make the investments it needs to stay on the forefront of security trends.

That includes investments in technology and acquisitions, Shepard said, particularly around next-generation endpoint security. “I think customers are looking for a laser focus [around security] and McAfee will truly be in a position now to do that now,” Shepard said. Other partners, who did not want to be named, said the deal allows Intel Security to better leverage its talent and portfolio.

They said the company was not able to do that to its full potential under Intel. In a letter to partners about the move, which was viewed by CRN, Intel Security’s Young said the newly formed McAfee company will be “well positioned for the future,” leveraging the software background of TPG, its own intellectual capital and the power of Intel as a partial owner. He said Intel Security, under the McAfee name, will invest in technology across the threat defense life cycle, a strategy it calls Security Connected.

That strategy will “remain unchanged” with the deal, he said. “McAfee will emerge with a company structure optimized for growth, innovation and focus in the dynamic cybersecurity industry.
I will continue to lead the organization as CEO of the newly formed company and couldn’t be more excited about what the future holds for our customers and partners. … McAfee will be committed to not just being one of the biggest players in the industry, but also the best,” Young said in the letter. Young also emphasized Intel Security’s commitment to its partners as a stand-alone company, saying, “This milestone is made possible thanks to the support of partners like you.”