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June 2009

06/09/2009 - COPANION BECOMES FIRST TAX DOCUMENT AUTOMATION VENDOR TO SUCCESSFULLY COMPLETE A SAS 70 TYPE II AUDIT
Completion of the audit helps ensure the highest level of client data security

ANDOVER, MA – June 9, 2009 – Copanion, Inc., the leader in tax document automation, today announced that it is the first tax-only technology vendor to successfully complete a SAS 70 Type II audit. The audit process included a full review of Copanion's operations, systems, technology, facilities, and personnel management in order to thoroughly evaluate the company's processes for handling client data. The audit was completed by an authorized third party—Price & Schellman, LLC Certified Public Accountants, an affiliate of SAS70 Solutions.

"As SaaS continues to grow in popularity within the tax space, it will become imperative that vendors obtain documented proof regarding treatment and security of client data," said Steven Ladd, CEO of Copanion. "A SAS 70 audit may very well be a requirement in the near future. And where client data is concerned, it should be."

SAS 70 is an auditing standard that enables independent auditors to evaluate a service organization's internal controls. After an extensive evaluation period, the auditing entity issues a report, which includes the auditor's opinion, a description of the controls placed in operation, and a description of the auditor's tests of operating effectiveness. SAS 70 standards are developed by the American Institute of Certified Public Accountants (AICPA).

"We understand client concern surrounding data security, which is why we have spent the last six months undergoing the SAS 70 audit. We can now provide our clients with documentation that details our internal control processes, including providing the highest level of encryption for client data," stated Ladd.

Copanion is also one of the only tax vendors to hold an Extended Validation SSL Certificate, which provides high-security web browsers with information to display a website's organizational identity. Websites secured with an SSL Certificate that meet the Extended Validation Standard will cause the URL address bar to turn green and toggle between the organization's name and the Certificate Authority (e.g., VeriSign). Extended Validation SSL Certificates provide third-party verification that augments consumer confidence in a vendor.

Copanion will continue to complete an annual SAS 70 audit to help ensure it maintains the highest level of security. Both Copanion and NaviSite (where operations are hosted) have successfully completed SAS 70 Type II audits.

About Copanion

Copanion is a leading innovator in tax document automation. The company saves tax professionals hundreds of hours during tax season with accurate and secure web-based applications for automating client tax document organization, data entry and review. Copanion is a privately held company with financing from Commonwealth Capital Ventures and Pilot House Ventures Group. For more information about Copanion, visit Copanion.com.

The Copanion and GruntWorx names and logos are trademarks or registered trademarks of Copanion in the United States and in other countries. All other companies and products referenced herein are trademarks or registered trademarks of their respective holders.

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