Spreadsheet control software provider Finsbury Solutions has acquired the products and assets of Compassoft, the US based governance risk and compliance software firm.

Under the deal, Finsbury has acquired Compassoft’s end user computing (EUC) products and plans to integrate this software with its own Spreadsheet Workbench product suite.

EUC applications are commonly used in financial reporting systems which are subject to regulatory legislation.  As such, companies have the potential to improve their credit rating by improving their control over EUC applications.

According to Jeremy Wood, director of Finsbury Solutions, best practice, as well as regulatory obligations, requires companies to exercise better control over EUC applications.  “The current lack of end user computing control is a serious and growing problem, particularly in the financial services sector,” he said.

Compassoft’s EUC systems’ discovery and risk profiling capabilities are the most comprehensive and scalable in the market, according to Mr Wood, and the acquisition of these products has significantly enhanced Finsbury’s scope for growth.

“With a customer base of more than 200 blue chip organisations we are now well positioned to explore further growth opportunities in this fast moving market," he said.

Founded in 2006, Finsbury Solutions has operations in London and New York.