BOSTON and LONDON, Feb. 1, 2011 /PRNewswire/ -- CIMCON Software, Inc., the Pioneering Market Leader in Spreadsheet Governance, Risk and Compliance (GRC), announced that 2010 was the best year in the company's history in all areas.
The company recorded its highest revenue in years in 2010 and also gained significant customer traction with several strategic customer acquisitions that included six of the largest global financial services companies within their market segment in North America and Europe. These included one of the world's largest U.S.-based investment firms with over 1.2 trillion dollars in assets, one of U.K.'s largest life insurers, a $102 billion global banking and insurance institution, an $89 billion global European bank, a $25 billion North American bank, and one of the largest U.S. Government Sponsored Enterprise (GSE) firms with over $3 trillion in loans.
One of the U.K.'s largest life insurers with over $500 billion in assets chose CIMCON to implement Solvency II compliance for its worldwide operations. Many existing customers expanded their use of the CIMCON solution to include additional global sites notably in New York, London, Paris, Amsterdam, Tokyo, Hong Kong and Singapore. In addition to financial services, the company also added two of America's top retailers to its client portfolio. With this, CIMCON's total customer base for its spreadsheet compliance solutions now approaches nearly 250 customers across a broad range of industries such as financial services (including insurance, banking and capital markets), energy, manufacturing, retail, agriculture, food, cosmetics, electronics, government, education, life sciences and healthcare.
CIMCON is a financially strong and stable vendor with over ten years of profitability. As a result of its financial strength and profitability, CIMCON has been able to invest heavily in Research and Development, and have a consistent product vision and rich product roadmap to the benefit of our current and future customers.
In order to further expand its global presence and footprint, the company entered into new partnerships in Mexico, Israel, and Europe. Partnership agreements were signed with a Big 4 accounting firm, and one of the world's largest corporate tax processing providers.
CIMCON's market leadership position was reiterated in June 2010 in Operational Risk & Regulation Magazine's 4th Annual Compliance Products Survey of its global readership which placed CIMCON Software at "Number One" in the category of "Spreadsheet Compliance Products." In addition, analyst Philip Howard of Bloor Research stated that "CIMCON is the longest established and largest company in the market with the most customers amongst the big four. In a number of areas CIMCON is not merely 'strong' but has significant capabilities that should allow CIMCON to continue to justify its claim to market leadership in the enterprise spreadsheet management space."
The company's market strength and continued success combined with its strategic goals drove its geographic and human resources growth. At the start of 2010, the company moved its headquarters to a larger facility in Westford, Massachusetts in the Greater Boston area. To support its growth, the company strengthened its executive management team and increased staff in all areas including sales, development, and customer support.
"CIMCON was instrumental in creating the spreadsheet GRC industry eight years ago long before many of the other vendors even came into existence and has led the industry with many innovations and thought leadership, that have now been widely adopted by the marketplace," said Sanjay Agrawal, Director. "We are pleased with the recognition that we received in 2010, and would like to thank our customers and employees that have enabled us to maintain our leadership position."
About CIMCON Software, Inc.
With 22 years of innovation, experience and knowledge, CIMCON Software, Inc. is a Pioneering Market Leader in providing a complete range of Spreadsheet Control and Compliance solutions. CIMCON's Spreadsheet Compliance Technology is a de facto industry standard with the largest installed client base of nearly 250 companies for regulatory compliance, including the Regulator of America's Capital Markets and an enforcement arm of the Securities and Exchange Commission (SEC). With a client base spanning North America, Europe and Asia and an 8-year history of use, CIMCON's spreadsheet compliance technology has been selected and implemented worldwide by many Fortune 500 corporations as a Global Corporate Standard for Regulatory Compliance.
CIMCON's SOX-XL suite of products provides the industry's most comprehensive spreadsheet lifecycle solutions from discovery, risk assessment, analysis, and controls to archiving and record retention. CIMCON Software is also the first company to provide compliance solutions for Access databases in a single integrated platform to provide our clients with one-stop End User Computing (EUC) solutions.
Heidi Sporel, Director Marketing & Communications
Tel: (978) 692 9868 Ext. 207
For more information about CIMCON Software's market-leading Spreadsheet and Database Compliance Solutions, please visit http://www.sarbox-solutions.com.
SOURCE CIMCON Software, Inc.