CFO'S DISCOVERING 25-40% SAVINGS VIA COREFINO OUTSOURCED FINANCIAL SOLUTIONS

Corefino Buyers Replacing On-Premise Technology and Headcount 'Budget Busters'; New Analyst Research: Software-as-a-Service Delivers Long-Term ROI, Many Levels

SUNNYVALE, Calif. (Feb. 9, 2010) - Corefino, a new Silicon-Valley based company offering a turnkey outsourced online accounting solution to mid-market Chief Financial Officers (CFO's), said today that its growing list of customers continue to validate savings of 25-40% or more following a move away from on-premise solutions. Marketing its bundled software-as-a-service (SaaS) plus people outsourcing solutions as "The Future of 21st Century Accounting™," Corefino CEO Karen Watts cites new industry research from leading technology analysts that substantiates multiple long-term benefits from outsourcing.

"The powerful global software companies have huge customer footprints and profitable on-premise hardware and software business models to protect," explains Karen Watts, CEO of Corefino, and a former CFO who bought and installed many of the industry's best-known systems for her former employers. "The big ERP (enterprise resource provider) companies want companies to continue to believe that SaaS accounting solutions are cost effective only for the short-term. That's completely inaccurate. Cloud-based software saves companies money over both the short-term AND long-term."

Watts said that with the perpetual, never-ending cycle of purchasing, installing and upgrading on-premise software, mid-sized companies get caught in a financial doom loop that busts budgets and traps them from into long-term spend cycles. "Companies have long known the benefits of outsourcing non-strategic activities to experts with deep business processes, much like ADP has done for the payroll function," says Watts. "Corefino had taken that same value proposition but provided an even greater return by adding a complete turnkey people-place-platform solution that allows CFO's to focus on more strategic activities."

Recent industry research from Forrester Research, Inc., entitled "The ROI of Software-as- a-Service" (July 2009), also addresses this issue. "Firms that Forrester interviewed have identified long-term benefits from SaaS using five-year cost/benefit analyses. While almost all firms see a short-term win for SaaS in a net-new environment, many have also determined a longer-term value of SaaS, even in larger, established on-premise environments where firms achieve economies of scale in their own IT department. Beyond simple factors such as subscription fees versus new license fees and associated maintenance, key factors that affect whether SaaS will be a long-term win include the ability to reduce or eliminate hardware costs, IT support/staffing, upgrades, software maintenance, and cost of capital. Firms also like the benefits associated with SaaS including the frequently higher adoption rates, reduced training costs and time, and ability to scale subscription up or down more easily to match needs."

The Forrester report, which includes the subhead "Total Economic Impact™ Analysis Uncovers Long-term Value in SaaS", is available for download on the Corefino website at www.corefino.com/page/file/Corefino_Forrester-ROIofSaaS.pdf.

About Corefino

Corefino is the 'Future of 21st Century Accounting™' -- a completely outsourced internet accounting solution for replacing the aging on-premise approach to performing routine financials. Corefino offers a turnkey people/place/platform combination of outsourced accounting experts, outsourced technology and its Triple-C (Connect-Correct-Comply) Best Practices/ workflow framework. By removing the on-site technology and headcount headaches from mid-market CFO's and Controllers, Corefino helps them to become 'strategic accelerators' capable of more meaningful business impact. Corefino operates on a variety of Software-as-a-Service (SaaS)-based platforms via monthly subscriptions, and has formed strategic partnerships including ADP, EASi and Intaact. Corefino has vertical market expertise in digital home services, electronic gaming, health services, municipal government, regional corporate offices, alternate energy and clean technology focused companies. Corefino's accounting on demand services include reconciliation, GAAP-based financials, plus others that facilitate monthly/quarterly/annual closes, IPO and merger preparation, etc. The company was founded in 2004, the Triple-C platform was completed in 2006, and the company received capitalization in 2008 to challenge the mid-market ERP leaders. Corefino, recognized as a candidate for InformationWeek's 2009 'Top 50' Start-Ups, is based in Sunnyvale, CA. For more information on the company, please see www.corefino.com.

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