billFLO^TM

Taking the Paper Out of Invoicing!

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Media Owls: (650) 468-6252

Jackie Flaten, jackie@mediaowls.com

What is it?

billFLO is a suite of products that enables businesses to share invoices electronically. With the integration of API, any accounting system can rapidly deploy billFLO’s highly rated invoicing functionality for their customers. billFLO seller^TM streamlines the process of creating, managing and sending invoices by email. billFLO buyer^TM enables small and medium businesses to import received .pdf invoices directly into their accounting systems. The billFLO products enable both sides of the invoice transaction to go paperless.

Every year, U.S. companies send 20 billion paper invoices to each other. Managing all that paper is costly for large and small businesses: a typical large enterprise has 22,000 suppliers, requiring more than 40 accounts-payable staff to process more than 1,000 paper invoices every day; a typical small business loses seven hours of productivity and spends more than $400 dollars every month to process its paper invoices. billFLO simply replaces paper invoices with an easy to use, integrated electronic option.

billFLO seller was released as a free product in mid-July of 2008 to instant success. In late November, a pay-per-use version was introduced and first-revenue was achieved the day of launch. The beta launch of billFLO buyer, January 2009, has been well received by small businesses struggling under the weight of large numbers of invoice transactions With the integration of API, any accounting system can rapidly deploy billFLO’s highly rated invoicing functionality for their customers. The technology underlying billFLO is extremely efficient and eliminates significant infrastructure costs. The resulting low cost-structure enables billFLO to be offered at a price point 90% cheaper than other electronic invoicing products. Low costs allow billFLO to be delivered the way its customers want -- as a service, and with no heavy up-front investment required.

How much is it?

Both billFLO seller and billFLO buyer are free-to-use services. The company offers a premium version of billFLO seller with professional features for $4.99 per month.

About billFLO and Anoowa

In 2007, Ian Sweeney created Anoowa Inc., to chase the dream of eliminating paper invoices. Privately funded, Anoowa’s first product, billFLO seller, was introduced in July of 2008. Despite launching with little fanfare, there was a latent demand for billFLO seller as it was downloaded at an annualized rate exceeding 10,000.

What else?

Customers are acquired online. The billFLO low-cost customer acquisition is further enhanced by word-of-mouth. Current billFLO sellers send thousands of invoices to their customers, thus introducing the product to potential clients. In turn, these buyers are exposed to the benefits of billFLO and can immediately download a free version of billFLO buyer in their quest to streamline their own company’s accounting process. Ease of use, universal technology, cost savings and viral marketing describe the right time to ramp up billFLO business and achieve 2009 goals.

What’s next?

For 2009, the focus is on developing and launching the next generation of billFLO products that make it easier for small businesses to eliminate paper invoices.

Founders

Ian Sweeney, CEO

Anoowa Inc.’s Chief Executive Officer Ian Sweeney has extensive experience leading teams to bring products to market. Prior to Anoowa, he was Consumer Products Program Manager for Dolby Laboratories in San Francisco where he led large, functionally diverse teams to launch Dolby technologies including the company’s PC Entertainment Program. Sweeney also served as Senior Manager of Dolby’s IP & Licensing Operations, a role in which he successfully implemented licensing systems for new industries & business models, the IP Portfolio strategy, and optimized existing licensing processes

Before joining Dolby, Sweeney held various roles in Lucent Technologies DSL group in both Ireland and the United States. He also worked for B&D Australia, launching a new range of building access devices, and in his native Ireland, Sweeney launched a line of automotive security devices for a Dublin-based startup, Kosran. Sweeney holds a B.S. in mechanical engineering, a Graduate Diploma in Advanced Computing and an MBA from the Haas School of Business at UC Berkeley.

Alec Kercsó, VP of Technology

As Anoowa Inc.’s Vice President of Technology, Alec Kercsó is engineering billFLO^TM to insure smooth integration and functionality with a multitude of accounting systems. Kercsó has diverse experience developing technology solutions in various industries. Before co-founding Anoowa, he held engineering management positions in startups as well as established corporations. As Director of Engineering for Stanford University’s first branded internet spin-off, SKOLAR, Inc., he directed a team of engineers to develop a subscription-based medical informatics system for physicians. SKOLAR was later purchased by Wolters-Kluwer Health. Before SKOLAR, Kercsó managed the internet team at Synopsys that was responsible for the technical foundation for the company’s internal and external internet presence.

In an earlier venture, Kercsó and a business partner invented a novel computerized flight operations management system for Federal Express to replace their manual paper-based process. He began his software career as one of Electronic Arts’ original game developers, co-authoring the award-winning sci-fi game Starflight. Kercsó earned his bachelor’s degree in Linguistics from the University of California-San Diego and his MBA from the Fuqua School of Business at Duke University.