CIMCON Software Announces Record Revenues and Profits in 2012
BOSTON and LONDON, Jan. 30, 2013 /PRNewswire/ -- CIMCON Software, Inc., the Market Leader that pioneered spreadsheet data management and Governance, Risk Management and Compliance (GRC), announced that it finished 2012 with the best financial performance in the company's history with record revenues and profits.
Profits jumped an estimated 45% while revenues were up 25%.
One of the world's largest banks with a market cap of over $100 billion, 250,000 employees and operations in 85 countries, became the latest addition to CIMCON's impressive roster of clients. The financial services arm of one of the world's largest industrial conglomerates with a market cap of $234 billion also selected the CIMCON Suite to reduce spreadsheet risks. The company had 25 new customers in 2012 mainly from banking, insurance (including the Lloyds Insurance Market) and capital markets, followed by life sciences, energy, media, telecom, and high tech industries. CIMCON continues to lead the industry with the largest client base of over 325 worldwide customers for end user computing controls and compliance.
A vast majority of existing customers also expanded their use of the CIMCON solutions across additional lines of businesses and geographies. One of the U.K.'s largest life insurers and investment management companies with $500 billion in assets expanded their use of the CIMCON solution for worldwide Solvency II compliance. Another customer, one of the world's largest capital market firms in the world with $1.5 trillion in assets, implemented the product across 2 additional lines of businesses.
CIMCON's global market leadership has been reiterated for the last 3 years by Operational Risk & Regulation magazine's Annual Compliance Product Surveys which have ranked CIMCON Software "Number One" in the category of "Spreadsheet Compliance Products" for two consecutive years. In July 2012, CIMCON was ranked #1 for "Sarbanes-Oxley Products" – the only regulation-specific category in the survey and as a Top 20 GRC vendor overall along with companies such as IBM, Oracle, EMC and SAP.
In 2012, CIMCON increased its collaboration with two Big 4 accounting firms, and a large risk consulting firm. Its Global Partner Network added two new alliances for a stronger international presence in Latin America, Europe, and Africa.
The company continued its industry support with its sponsorship of The Institute of Internal Auditor's General Audit Management (GAM) and International Conferences, and its thought-leadership portal www.spreadsheetcontrols.org designed to increase awareness of the risks from uncontrolled spreadsheets.
"We are pleased with CIMCON's record financial performance in 2012," said Sanjay Agrawal, Director. "Since first recognizing the enormous risks from spreadsheets to financial and other organizations over fifteen years ago, CIMCON has continued to set the industry standard for product innovations and leadership. It is especially satisfying to see that most of our customers are expanding their use of the solution, indicating that the CIMCON tools continue to deliver on their promise of improved controls, compliance, productivity and risk reduction."
About CIMCON Software, Inc.
With 25 years of innovation, experience and knowledge, CIMCON Software, Inc. is a pioneering Market Leader in providing a complete range of spreadsheet controls, compliance and productivity solutions. CIMCON's spreadsheet lifecycle management technology is a de facto industry standard with the largest installed client base of over 325 companies that includes the Regulator of America's Capital Markets and an enforcement arm of the Securities and Exchange Commission (SEC). With a global client base in over 30 countries, CIMCON's spreadsheet management technology has been implemented worldwide by many Global 2000 corporations as a global corporate standard for regulatory compliance.
The CIMCON suite of products provides the industry's most comprehensive spreadsheet lifecycle solutions from discovery, risk assessment, error detection and remediation, to controls and records management. The company's many innovations include using risk factors to assess and rank spreadsheet risk, and providing compliance solutions for Access databases in a single integrated platform.
Heidi Sporel, Director of Marketing
Tel: (978) 692 9868 Ext. 207
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SOURCE CIMCON Software, Inc.
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