CIMCON Software Reaffirms Market Leadership with Strong Revenues and Major Customer Acquisitions in 2011
BOSTON and LONDON, Jan. 31, 2012 /PRNewswire/ -- CIMCON Software Inc., the Pioneering Market Leader in Spreadsheet Governance, Risk and Compliance (GRC), announced that it finished 2011 with a strong financial performance, the acquisition of several new customers, and the expansion of existing relationships.
In 2011, CIMCON gained significant customer traction and further expanded its presence in financial services (including insurance, banking, mortgage and capital markets), energy, retail, manufacturing, life sciences and federal markets with the acquisition of new strategic clients. Notable customer wins included one of the U.K.'s largest life insurers and investment management companies with nearly $500 billion in assets that is implementing the CIMCON solution for worldwide Solvency II compliance; a $50b European insurance company; one of the largest U.S. Government Sponsored Enterprise (GSE) firms with over $3 trillion in loans; a top consumer goods company with $80b in revenues; a $3b energy company in the US; and a $2b investment management firm. Existing customers expanded their use of the CIMCON solutions across additional lines of businesses and geographies. Notable amongst these were a global European bank which now has an inventory of over 20 million spreadsheets, a $28b top UK life insurer with nearly $550b in assets, one of the world's largest investment firms with over $1.2 trillion dollars in assets, a $25 billion North American bank, and a $15b investment firm.
With this, CIMCON's total customer base for its spreadsheet compliance solutions now approaches nearly 300 customers across a broad range of industries.
CIMCON's market leadership position was once again confirmed in June 2011 by Operational Risk & Regulation Magazine's 5th Annual Compliance Products Survey of its global readership which placed CIMCON Software at "Number One" in the category of "Spreadsheet Compliance Products" for the second consecutive year. CIMCON rose to #2 in the magazine's "Sarbanes-Oxley Products" category, up from its #3 position in 2010. CIMCON was also nominated for SBANE's prestigious "New England Innovation Award," which recognizes New England companies that have transformed innovative ideas into proven products.
In 2011, CIMCON worked closely with its global partners to extend its presence in the international market, particularly in Europe, Asia and Africa. Partnerships with two Big 4 accounting firms, a large risk consulting firm, and one of the world's largest tax processing providers were also expanded. The company also sponsored a number of international tradeshows and conferences, including EuSpRIG's 2011 Annual Conference on "Spreadsheet Governance - Policy and Practice" in Greenwich, London, and GSMI's 2011 GRC Summit in Boston.
"We are pleased with CIMCON's strong performance in 2011 in all key areas including revenues, profitability, customer acquisitions, market recognition, product roadmap and customer satisfaction. This strong performance reaffirms CIMCON's market leadership in spreadsheet management and controls, an area that we pioneered and continue to lead through major investments in research and development, consistent product vision, innovation and thought leadership," said Sanjay Agrawal, Director. "We thank our customers, partners and employees that made this possible."
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 300 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 a 9-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 of Marketing
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.