Goldman Sachs has struck a deal to buy ClearFactr, a New York-based startup behind spreadsheet software for creating, analysing and sharing financial models. Financial terms of the deal are not known.
In a letter to ClearFactr clients, the company's CEO, Dean Zarras, say that Goldman is bringing the technology inhouse and won't maintain existing relationships with other users. The letter was obtained by Institutional Investor.
Zarras, who founded ClearFactr in 2013, is joining Goldman as an MD in the investment banking group.
Goldman wants to use Clearfactr to help turn its strategists into coders who can build custom models - even if they do not have advanced computer science skills, a source tells II.