Corefino Secures $13.6 Million for Outsourced Accounting Solution

2008-07-08 23:33:06 -

- SSPR Liz Nida 719-634-8055 lnida@sspr.com Corefino, Inc., a growing provider of outsourced accounting and financial solutions, announced today that it has secured $13.6 million in Series A funding co-led by Opus Capital Ventures and Bay Partners, both located in Menlo Park, CA. The funds will underwrite further development and marketing of Corefino's product suite. Corefino uniquely combines online financial

software with a team of accounting/financial professionals to give customers the benefits of best practices without all the inherent people, software and operating costs of an in-house accounting department. The result is a complete single-point outsourced accounting solution for growing enterprises that saves customers money every month.

Corefino's innovative integration of software and accounting expertise guarantees GAAP compliance as well as diligence-ready and Sarbanes-Oxley-ready practices. Client data can be imported from any number of accounting software packages and integrated with Corefino's user-friendly dashboard interface with 24x7 access through the Corefino portal. Each client is industry-matched with a four-member Corefino team of two staff accountants, a controller and chief accounting officer who provide guidance and oversight, thereby freeing internal financial personnel to concentrate on strategic rather than tactical responsibilities.

"Corefino's decision to consolidate Web-based accounting tools and human expertise into a single offering is an innovation that enables mid-sized companies to focus on running and building their business instead of keeping the books," said Carl Showalter, founding partner of Opus Capital. "We believe this business model holds tremendous promise for its ability to leverage both technology and live professional support from a single source."

"As a former CFO at several successful venture-backed companies, Corefino CEO and founder Karen Northup has a true understanding of the accounting and financial needs of businesses of all sizes, including the critical need for GAAP, audit and Sarbanes-Oxley readiness right from the beginning in order to be prepared for growth," said Neal Dempsey, managing partner at Bay Partners. "She recognized a void in the market, and filled it in a fresh way that takes SaaS to the next level. She may very well be pioneering the next generation of outsourcing."

Both Carl Showalter and Neal Dempsey will also join the Corefino board of directors, bringing broad experience in Internet infrastructure and applications as well as business development, marketing and strategic planning."

About Corefino

Corefino, Inc. provides integrated accounting and financial solutions for small to medium-size businesses that combine best-of-breed technology tools and optimized processes with a seasoned team of financial experts. It guarantees audit, diligence and Sarbanes-Oxley readiness. The affordability of the Corefino Solution allows growing businesses to take advantage of expertise and tools currently only available to the Fortune 500 to plan for future growth. Founded in 2004, Corefino is headquartered in Sunnyvale, CA, with offices in Maharashtra, India. For more information, visit www.corefino.com.

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