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November 2007

11/08/07 - Copanion Introduces GruntWorx Tax Document Automation Solution for Tax Professionals

GruntWorx is the first web-based application that enables tax professionals to automate the capture and classification of their clients' tax return data with greater than 90% accuracy across thousands of variations of IRS documents.

Andover, MA: November 8, 2007 -- Copanion, Inc., an innovator in tax document automation, today announced the launch of GruntWorx, a web-based application that enables tax professionals to automate the capture and classification of their clients' tax return data. GruntWorx turns client paper and digital tax documents into well-organized electronic files -- indexed, accessible, editable and ready for faster, more accurate data entry and review. The application is the first web based application to "read" and classify data from paper-based forms and PDF files with greater than 90% accuracy across thousands of variations of IRS documents.

"There has been a lot of talk about a 1040 tax automation revolution, but up until now the technology has just not measured up," said Steven Ladd, CEO of Copanion. "GruntWorx is different because it actually works. We bring unparalleled technical expertise to the challenge of accurately recognizing thousands of different variations of complex tax documents. The result is a product that is more accurate, more secure, and easier to use than anything else out there."

Tax document automation requires the technology to very accurately recognize thousands of different variations of complex IRS forms, government organizers and brokerage statements. GruntWorx was created to recognize and process this broad range of tax documents with patent pending image processing, biometric pattern recognition and machine learning technology.

"The key differentiator for GruntWorx is the unprecedented level of accuracy across the broad range of tax documents," says Dr. Depankar Neogi, COO of Copanion. "Our hosted solution offers the same advanced data encryption found in the most rigorous online banking applications with the necessary scalability to process large volumes of documents during the heat of tax season."

To achieve this exceptional level of accuracy across such a broad range of complex tax documents, Copanion assembled a world-class technical team with experience from disciplines of image processing, machine learning, biometrics, pattern recognition, OCR/ICR, business intelligence, data security and human interface design. Copanion's technical architecture is strongly influenced by the Chief Technology Advisor, Dr. Venu Govindaraju. Dr. Govindaraju's seminal work in document recognition is at the core of the address interpretation system used by the US Postal Service to sort more than 9 billion handwritten envelopes annually. The company's technical expertise is complemented by a team of tax professionals, led by co-founder Mark Robinson, a CPA with 25 years of tax preparation experience.

GruntWorx intuitive, web-based interface fits effortlessly into any firm's tax processes. There is no training, no set up and only a web browser is required. Users follow three simple steps. Select a client, Scan or choose pre-existing PDF files and Send the data to Copanion via secure Internet connection. The output is quickly returned as a standard PDF file that is fully organized with each client document bookmarked to enable faster and easier client data entry and review.

GruntWorx is an affordable solution to meet the needs of tax professionals in any size firm. GruntWorx processes client tax source documents for as low as $1.00 per return. Copanion has eliminated the risk of trying GruntWorx with a free trial offer. Tax professionals who register on copanion.com by December 31, 2007 will get client tax documents for one hundred 2007 tax returns processed by GruntWorx for free.

 

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