TEL AVIV and NEW YORK, April 5, 2010 (no embargo) / Metis Communications / ActionBase and ClusterSeven today announced a joint solution that is immediately available to manage, monitor and control the risks associated with daily processes managed using e-mail and spreadsheets. The combined offering provides an added layer of management and control on top of familiar Microsoft Excel spreadsheets and Microsoft Outlook environments to help enable risk management, compliance and business efficiencies for organizations, financial institutions and Fortune 500 financial reporting divisions.

ActionBase, a company developing adaptive case management and human process management solutions, is working with ClusterSeven, a provider of spreadsheet management solutions, to automate a system of record that manages the entire spreadsheet lifecycle and associated e-mail processes. The solution helps organizations with all levels of reporting, from individual status reports through corporate level reporting for trends and compliance.

For example, CFO departments routinely aggregate information across multiple people and systems for budgeting and reporting. This increases the risk of error for the business, consumes valuable time and provides no process management capabilities or process visibility. Instead of manually tracking individual spreadsheets and managing the process of each individual e-mail, ActionBase and ClusterSeven automate this process so all spreadsheets are updated to instantly eliminate these steps. In addition, each e-mail and user process is tracked for every single action, giving CFO departments a complete view of the entire lifecycle of the spreadsheet from start to finish.

“Spreadsheets are connected with the entire fabric of the business, from e-mail to Enterprise Resource Planning (ERP). Our work with ActionBase extends spreadsheet management and control to e-mail attachments,“ said Ralph Baxter, CEO of ClusterSeven. “Our joint solution gives users an easy way to manage process risk in their familiar Microsoft Outlook and Excel environments.”

Eyal Maor, CEO of ActionBase said, “Process risk is a major source of risk-related loss for many organizations, especially financial institutions. Our partnership with ClusterSeven enables us to provide a complete end-to-end solution to real-world process risk caused by e-mail and spreadsheets.”

About ActionBase

ActionBase is a pioneer of human process management and adaptive case management solutions that enable businesses – over 150 Fortune 100 to Fortune 500 organizations worldwide – to manage their business critical processes. The company supports an ad-hoc and dynamic working environment by providing full visibility and control over unstructured processes that were previously managed via plain documents and e-mail correspondence. ActionBase works with global IT leaders including Orange, Texas Instruments and Amdocs, and specializes in complex industries such as Oil and Gas, Utility and Telecom. The company is headquartered in Israel with offices in the United States and United Kingdom. For more information, please visit www.actionbase.com.

About ClusterSeven

ClusterSeven (London and New York) provides enterprise-wide, strategic spreadsheet and data management software to financial institutions and Fortune 500 financial reporting divisions. ClusterSeven’s software non-intrusively monitors and tracks spreadsheets to enable users to more effectively manage governance, risk and regulatory compliance obligations in order to generate revenue, enhance staff efficiency and boost productivity. For more information about the company, visit www.clusterseven.com. For a demonstration please visit http://www.clusterseven.com/Request_demo-144.html.