Goldman Sachs acquires financial modelling firm ClearFactr
Goldman Sachs has acquired New York-based financial modelling and spreadsheet software firm ClearFactr as it ramps up its tech strengths.
ClearFactr offers a Software-as-a-Service (SaaS) solution with validation, analysis, and collaboration features. The bank will look to use the firm’s process and data integration via APIs to boost its tech capabilities in this field.
ClearFactr isn’t one for clear talking as it offers details which are lighter than a miniature hot air balloon. It simply says it was founded in 2013 by Dean Zarras and was acquired by Goldman Sachs in November 2018. Financial details were not disclosed.
However, Zarras doesn’t hang about as his LinkedIn profile now says he is an MD for the bank. He has had plenty of experience in the industry. Such as a partner / CTO / chief architect for Sesco Enterprises – involved in real-time pricing, P/L and risk management.
He was also MD at Allegheny Energy Global Markets, where he designed and developed two systems used for bidding and scheduling the firm’s power generation and for tracking and valuing the resulting trading positions
ClearFactr was a one-man operation. Josh Elwell, managing partner at ValueStream Ventures, was a planned CEO hire but in the end became an advisor to the firm in April 2014.
This acquisition represents another chapter in Goldman Sachs spreading its wings and keeping things fresh.
In September, San Francisco-based blockchain start-up Veem got $25 million financing in a round led by Goldman Sachs.
It also led an equity funding round of $52 million in JUMO, which claims to be “the largest and fastest growing technology platform for operating inclusive mobile financial services marketplaces”.