Hi,

I haven't used Subversion with excel but i have to say this :
Subversion works with every kind of format, not only for developpers.
It's possible because it's making a comparison not with the text but
binary speaking... So i must think that it will work with excel files.
To keep an eye over the integrity just try make an ignore list if you
don't plan to share everything.

Hope that i've been clear enough.

Regards,

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C.Marcelino