BONAIRE DELIVERS REVPORT™ TO GoldK Firms’ trade of development costs for intellectual property reflects new trend in software deals

Boston, MA – 04/02/02 – Bonaire Software Solutions, LLC, a services and applications provider for the financial industry, announced it has successfully implemented REVPORTTM, a Revenue Transfer and Billing System customized for GoldK, a full-service retirement company and leading provider of online retirement plans.
The comprehensive nature of the fee and revenue transfer technology will provide GoldK with significant competitive advantages, while the unconventional structure of the deal with Bonaire Software Solutions illustrates both companies’ ability to adapt new resolutions in an evolving market.
The application, REVPORTTM, is Web based and designed allow GoldK to track, calculate, recognize, and reconcile receivables due to and from GoldK itself and its brokerage unit, GoldK Investment Services, as well as amounts subsequently payable to third parties. The application also features a powerful and highly flexible Rules Engine which allows GoldK to create complex fee structures and calculations.

Forrester Research proclaims, "Companies must proactively manage digital assets -- not to control costs, but to exploit new business and revenue opportunities." Bonaire agrees, and has built a business model
In a mutually beneficial and resourceful arrangement that is gaining traction with both developers and buyers of software applications, GoldK will receive substantial cost savings of 35-40% on the application development in exchange for Bonaire’s right to retain non-proprietary Intellectual Property (IP) rights to certain components of the software. In this way, GoldK obtains the required customized application at a fraction of the cost while Bonaire adds the software to its growing in-house library of specialized components -- called the XchangeFRAMETM -- for the financial services industry. Bonaire will subsequently hold all rights to the software including the ability to license, resell, distribute, revise and maintain the application.
"This system will play an important, bottom-line role in the strategic growth of our company," explains David Siewers, vice president and chief financial officer at GoldK . "We came to the table with requirements for a sophisticated application that can produce multiple sets of high-volume transaction and balance- fee computations while generating electronic invoices with an interface to the general ledger. Bonaire was able to customize and integrate the solution to save us significant development time and cost while meeting our strict requirements. Ultimately, GoldK is now in a better position to both collect revenue faster as well as more efficiently structure fees and commissions due to our business partners."
GoldK uses scalable Internet technology to reengineer the way retirement plans are created, distributed, managed, supported, and used. Through XML, a Web programming language, GoldK delivers 'straight-through processing' to retirement plan sponsors, which allows for all aspects of adopting, maintaining, and participating in an online plan.

Through a combination of financial services domain expertise, an evolved methodology, and pre-built software components, Bonaire’s business model gives customers like GoldK the advantage of tested and proven software while considerably reducing development time to produce significant cost savings. "We’re very excited about our growing relationship with GoldK," states Christopher John, CEO of Bonaire Software Solutions. "Just as GoldK represents a highly successful, unconventional approach to the 401(k) business, Bonaire takes a fresh approach to solving some of the more complex financial application requirements that exist in today’s business world."

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