Company Timeline

[h1-cufon]NetWorth Services Timeline[/h1-cufon]

Quarter Event Description
Q1 1996 The Concept of Netbasis was Conceived From his own personal experiences as a stockbroker, Founder Nico Willis determined that there was a great demand for an automated product that determined an adjusted cost basis of a security.  He also recognized that the true value of such a system was in its ability to serve as a value-added tool that would increase assets and portfolio size and enhance customer service for the financial industry.
Q3 1996 The Formation of NetWorth Services Begins Nico Willis begins to build the company, NetWorth Services (NWS), around his flagship product, Netbasis.  By conducting windshield surveys and analysis of the industry from the inside, he determined that NetWorth Services would become a software solutions company that would address many issues that plagued the financial services industry.
Q3 1997 Company Incorporated NetWorth Services, Inc. became an incorporated business entity registered with the state of Arizona.
Q4 1997 Netbasis Comes to Life With only bootstrap funding which came from the NWS Team, Nico and CIO Laura Muggli collaborated on the methodology and coding of Netbasis and began the infrastructure of the system.  The concept was beginning to come to life.
Q1 1998 Refined Business Plan After conducting additional windshield surveys, Nico began to better understand the need of the financial market.  He and his team refined the business plan and created an innovative marketing strategy for Netbasis.
Q2 1999 IRS Initial Meeting Initiated by as little as an email to the appropriate person at the IRS, NWS was summoned to do a presentation in Washington for several interested IRS Department Heads.
Q2 2000 Applied for a Patent NWS hires a major legal firm to write and apply for a patent to protect the methodology of Netbasis.
Q3 2000 Applied for Copyright Protection NWS then further protects Netbasis by filing for copyright protection.
Q3 2001 First Outside Investor NWS was introduced to a retired estate tax attorney that had spent an un-measurable amount of time battling cost basis issues.  He became excited about Netbasis and invested capital into the company.
Q4 2001 First Beta Test for the IRS The NRP department of the IRS contracted NWS to conduct a Beta Test of Netbasis on a random sampling of tax returns.
Q1 2002 Taxpayer Advocacy Endorsement Upon the completion of the Beta test, the Taxpayer Advocacy Group was so impressed with Netbasis that it identified and reported it as the standard for the IRS tax preparers and taxpayers alike in the 2002 Annual Report to Congress.
Q2 2002 First Corporate Office NWS opened its first corporate office in Tucson, Arizona.
Q3 2002 First IRS Contract NWS was contracted to verify the capital gains/loss information provided on the Schedule D for a random audit of 50,000 tax returns.
Q3 2002 Barron’s & Wall Street Journal Articles An unsolicited article was written in Barron’s about NWS and the use of Netbasis by the IRS.  A product description of Netbasis and its use by the IRS was a part of a larger article in the Wall Street Journal.
Q3 2002 Formulation of the Advisory Board NWS succeeds in creating a World Class Advisory Board that consists of highly distinguished businesspersons and politicians.  These members provide NWS invaluable advice and direction for the Company.
Q3 2002 Moves to New Corporate Office NWS moves its corporate office to Phoenix, Arizona.
Q3 2002 NWS Develops the Batch System In order to serve the high volume of tax returns being audited by the IRS, NWS developed the High Volume Batch System, which allows Netbasis to process large volumes of transactions.
Q4 2002 First Non-Government Customer As a result of the Barron’s article, NWS signed its first service agreement within the financial industry with a highly respected Money Management Firm.
Q1 2003 First “Big Four” Accounting Firm Customer NWS entered the tax professional market with its first “Big Four” accounting firm customer.
Q2 2003 DTC Begins Talks The Depository Trust Corporation signs a non-disclosure with NWS and begins talks regarding a partnership or joint product.  Dave Kelley, the founder of the DTCC (Depository Trust Clearing Corporation) joins the NWS Advisory Board.
Q4 2003 Favorable IRS Survey Leads NWS into other IRS Departments With the conclusion of the random audit, the NRP department conducted a survey to determine the usability of Netbasis.  The survey yielded very favorable results, which lead the Small Business and Wage & Income Departments to begin to use Netbasis.
Q1 2004 Hired Lobbying Group With the budgetary constraints facing the IRS, Retired Senator Dennis DeConcini, who is an NWS Advisory Board member, spearheaded the concept of having his lobbying group solicit Congress to provide appropriations for the IRS to purchase Netbasis.
Q1 2004 Former IRS Deputy Commissioner Joins NWS Advisory Board The Former IRS Deputy Commissioner, Dave Mader, joined the NWS Advisory Board.  His IRS and Capitol Hill experience has provided an invaluable service to NWS.
Q1 2004 Capitol Hill Meeting An invitation is accepted by Nico Willis to make a presentation in the office of Senator Kent Conrad.
Q1 2004 Trial Begins with DTCC The DTCC signed a trial service agreement to conduct a trial of Netbasis using a large sampling of their Back Office, Banking and Trust customers as participants.
Q2 2004 Trade Mark Registered NWS registers Netbasis as a trademark.
Q2 2004 First International Advisory Board Member An invitation to become an NWS Advisory Board Member was accepted by Sir Nicholas Montagu.  Sir Montagu is the former Chairman of the Inland Revenue of the United Kingdom, which is the equivalent to the IRS Commissioner.
Q3 2004 NWS Invited to Participate in International Project NetWorth Services was invited by the World Bank and State Department to become a part of a suite of financial applications for the Ukraine.
Q2 2005 First Brokerage Firm Client NetWorth Services entered into the brokerage services market with its first large institutional client.
Q4 2006 Second Round of IRS Testing NetWorth Services successfully passed the second round of IRS POC testing for use by the Campus Department.
Q1 2007 First Shareholder Services Client NetWorth Services entered into the shareholder services/investor relations market with its first Fortune 500 client.
Q4 2008 First Tax Preparation Software Client NetWorth Services entered into the tax preparation software market with its first client.
Q1 2009 Netbasis received Patent NetWorth Services was granted its patent for Netbasis.
Q3 2010 NWS Receives SAS70 NetWorth Services receives SAS70 Type II Certification for its data and processes.
Q1 2011 NWS Partners with Canadian Firm NetWorth Services entered into the Canadian institutional market with its partner, EDI.
Q1 2012 NWS Introduces New Product The implementation of the Cost Basis Legislation and the introduction of the new supporting forms resulted in several issues that were experienced by tax professionals and taxpayers alike. NetWorth Services introduced a new product, the 8949 Verifier to provide a solution to the issue.