CODA and Corefino Partner on Breakthrough Cloud Computing Accounting Service

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• Built on Force.com platform, new 'Corefino 2go' gives mid-market CFOs strategic alternative to 'Big 3' ERP on-premise software and staffing.

CODA and Corefino's partnership will help mid-market companies achieve cost savings and business efficiencies by moving their routine accounting operations into the cloud

CODA and Corefino, two of the accounting world's most innovative technology companies, have joined forces to give mid-market chief financial officers (CFOs) a powerful new low-cost alternative to the traditional on-premise software model offered by the 'Big 3' enterprise resource planning (ERP) giants. The new three-part accounting service, called Corefino 2go, combines the CODA 2go accounting package, built on the Force.com cloud computing platform, with Corefino's Triple-C Technology Platform and experienced, outsourced accounting staffs.

The cloud-based solution is available immediately via monthly subscription service, can be deployed in a month or less and requires only an internet connection to access data and download reports.

The partnership combines UK-based CODA's three decades of experience delivering best-of-class financials to organizations around the world with the turnkey People-Place-Platform solution of Silicon Valley-based Corefino, formally launched in May 2009. By joining forces with CODA, Corefino will maximize the power of its unique Triple-C (Connect, Correct and Comply) framework, which comprises more than 500 airtight, self-contained best practices and key business processes across the finance function.

"The Corefino People-Place-Platform approach gives mid-market CFOs an unbeatable strategic advantage, extricating them from the daily routine that keeps them from focusing on their key objectives," said Karen Watts, CEO, Corefino. "That's why we call it the CFO's Strategic Accelerator. This partnership with CODA uses cloud computing, business process outsourcing and Web portal technology to deliver a breakthrough service for companies in the mid-market. There is nothing at all remotely like it available on a monthly subscription basis.

"Before founding Corefino, I was a CFO myself. I'm well aware that routine accounting is a high-touch, people-resource-heavy, technology-centric function that adds zero value to a company's strategic mix. What we are saying is, 'Give it to us - we are experts at this. Spend your technology and people resource money elsewhere on activities and strategies that are going to take your company to the next level.'"

Through their partnership, CODA and Corefino will deliver a wide range of benefits to mid-market enterprises including:

  • key business processes and applications implemented, managed and maintained by specialists leaving the company free to focus core business activities
  • reduced reliance on internal and frequently scarce IT and administrative resources so that organizations can ensure their people are working on more strategic business processes
  • a cost-effective means to access a best-of-breed finance system, delivered via the internet and charged on a per-user, per-month subscription basis
  • ability to benefit from affordable business process outsourcing
  • rapid deployment and return on investment
  • secure anytime, anywhere access to financial data for a complete view of business performance
  • none of the issues related to on-premise software, such as ongoing maintenance, post-implementation changes or system upgrades.

"This announcement could not have come at a better time," said Jeremy Roche, CEO, CODA. "Companies around the world are trying to streamline their operations while keeping up best practices and maintaining access to the highest-quality financial data, which they absolutely need to make good business decisions. We're seeing the result of that in the strong demand for our cloud-based accounting software, CODA 2go, where we already have customers in six countries and three continents and a healthy pipeline of opportunities.

"By partnering with Corefino, we'll be able to reach new markets in an even more powerful way. We are combining the leading enterprise cloud computing platform in Force.com with CODA's best-of-breed financials and Corefino's best practices to deliver an entire family of accounting and financial solutions completely in the cloud - something we believe no one else is offering to the mid-market. It is very exciting to lead the way in what we see as a significant and market-changing development."

"CODA and Corefino's partnership will help mid-market companies achieve cost savings and business efficiencies by moving their routine accounting operations into the cloud," said Steve Lucas, senior vice president, Force.com marketing and alliances, salefsorce.com. "Corefino 2go customers will get the advantage of CODA's first-class accounting solution, as well as Corefino's Triple-C business processes framework and experienced staffing. At the same time, they will benefit from running their financials on the trusted, secure Force.com enterprise cloud computing platform."

About CODA and CODA 2go
CODA creates, markets and implements a comprehensive range of software systems designed specifically to meet the needs of Financial Directors and Finance Departments. These include financial management systems, analysis applications, and business process management and control software to implement compliance solutions. Its service oriented architecture also makes CODA software easy for clients and other vendors to integrate with their business applications.

CODA was founded in 1979 and has around 500 employees working at 18 offices in 14 countries. CODA software is designed for multi-currency, multi-language, multi-country, multi-company and multi-site operations, and is used by around 2,600 medium and large organizations in over 100 countries in a variety of markets and within both public and commercial sectors.

CODA is part of Unit 4 Agresso NV, which is headquartered in the Netherlands and listed on the Dutch stock exchange. The Unit 4 Agresso group is an international developer and distributor of integrated business information and management systems and security solutions, providing secure e-business solutions to its customers. It has around 3500 staff in 19 countries and over 5200 client organisations.

CODA 2go is CODA's new SaaS accounting application designed to deliver high functionality accounting on a subscription basis. It is the first international SaaS accounting system developed on salesforce.com's cloud computing platform, Force.com

For more information on the company, please visit: http://www.coda.com, or call: Hilary Goodband on +44 (0) 1423 537 977

About Corefino
Corefino is the 'Future of 21st Century Accounting' -- a completely outsourced 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 Intacct. 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 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 http://www.corefino.com or call Ethan Parker on + 1 650-267-2977

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Douglas Sehsuvaroglu
CODA
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