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                                                                   Exhibit 10.50

                         SEVERANCE AND RELEASE AGREEMENT

         THIS SEVERANCE AND RELEASE AGREEMENT ("AGREEMENT") is entered effective
December 31, 2001, (the "TERMINATION DATE") by and between DALEEN TECHNOLOGIES,
INC., a Delaware corporation located at 1750 Clint Moore Road, Boca Raton,
Florida 33487 ("COMPANY") and DAVID B. COREY ("EMPLOYEE") relating to Employee's
termination of employment and separation from with Company. The term "Company"
includes any or all current or former affiliated corporations, parent
corporations, partnerships, divisions, and subsidiaries, and the officers,
directors, shareholders, employees, agents, attorneys, successors and assigns of
the Employer.

SECTION 1. SEPARATION FROM EMPLOYMENT AND SEVERANCE PAYMENT.

         A.       Employee's termination as an employee of the Company will
                  begin and be effective of the Termination Date. Employee will
                  be paid his remaining standard gross wages less applicable
                  taxes and withholdings in accordance with standard payroll
                  practices through the Termination Date plus all applicable
                  severance benefits as provided for in the Employee's
                  Employment Agreement dated January 31, 1998, as amended (the
                  "Employment Agreement"). Employee will also be reimbursed for
                  all legitimate business expenses incurred on Company's behalf
                  through the Termination Date which have been approved by the
                  Company and otherwise in accordance with the Company's written
                  policies. Employee will also be paid any accrued personal and
                  vacation time as of the Termination Date.

         B.       Employee acknowledges that the monies described in this
                  Agreement and the Employment Agreement represent all monies to
                  which he may now or may hereafter be entitled from the
                  Company. This includes but is not limited to back-pay,
                  severance pay, wages, overtime pay, commissions, bonuses,
                  personal time pay, vacation pay, relocation fees, benefits,
                  attorneys' fees and damages of any nature whatsoever.
                  Severance benefits provided to the Employee under the
                  Employment Agreement shall include payments made to satisfy
                  requirements under the Warn Act, provided, no services are
                  required by the Employee during the Warn Act notice period.

SECTION 2. COVENANTS OF EMPLOYEE.

         A.       Employee (on his own behalf and on behalf of his heirs,
                  personal representatives, and any other person who may be
                  entitled to make a claim on his behalf or through him) freely
                  releases and discharges Company, its directors, officers,
                  employees, subsidiaries, predecessors, successors, and assigns
                  from any and all claims, charges, actions, and causes of
                  action of any kind or nature, that Employee once had or now
                  has or that arise on or before the effective date of this
                  Agreement, including any and all claims arising out of or in
                  any way related to Employee's employment, proposed relocation,
                  other agreements by and between the Company and Employee
                  referenced herein, or separation of employment with Company,
                  whether such claims are now known or unknown to Employee.
                  Employee agrees not to bring any charges, claims, or actions
                  against Company in the future, except claims that Company has
                  breached its obligations set forth in this Agreement or its
                  obligations to provide severance benefits in the Employment
                  Agreement.

         B.       The rights and claims which Employee waives and releases in
                  this Agreement include, to every extent allowed by law, those
                  arising under the Employee



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                  Retirement Income Security Act of 1974, the Civil Rights Acts
                  of 1866, 1871, 1964 and 1991, the Rehabilitation Act of 1973,
                  the Equal Pay Act of 1963, the Vietnam Era Veteran's
                  Readjustment Assistance Act of 1974, the Occupational Safety
                  and Health Act, the Immigration reform and Control Act of
                  1986, the Americans with Disabilities Act, the Age
                  Discrimination in Employment Act of 1967, the Older Worker's
                  Benefit Protection Act, the Florida Civil Rights Act, and the
                  Worker Adjustment and Retraining Act of 1988. This is not a
                  complete list, and Employee waives and releases all similar
                  rights and claims under all other federal, state and local
                  discrimination provisions and all other statutory and common
                  law causes of action, to the extent allowed by law, relating
                  in any way to Employee's employment or separation from
                  employment with Company.

                  In addition, Employee knowingly waives all claims or rights
                  pursuant to the Age Discrimination in Employment Act (ADEA) in
                  exchange for the monies payable pursuant to this Agreement.
                  Employee acknowledges that he has the right to consult with an
                  attorney prior to agreeing to this portion of the Agreement.
                  Employee has twenty one days to consider this portion of the
                  Agreement and has seven days after executing this Agreement to
                  revoke this specific waiver of the ADEA claims.

         C.       Employee hereby agrees to remise, release, acquit, satisfy,
                  and forever discharge Company, of and from all, and all manner
                  of action and actions, cause and causes of action, suits,
                  debts, dues, sums of money, accounts, reckonings, bonds,
                  bills, specialties, covenants, contracts, controversies,
                  agreements, promises, variances, trespasses, damages,
                  judgments, executions, claims and demands whatsoever, in law
                  or in equity, which Employee ever had, now has, or which any
                  personal representative, successor, heir or assign of
                  Employee, hereafter can, shall or may have, against Company,
                  for, upon or by reason of any matter, cause or thing
                  whatsoever, from the beginning of the world to the day of this
                  Agreement except claims that Company has breached its
                  obligations set forth in this Agreement or its obligations to
                  provide severance benefits pursuant to the Employment
                  Agreement. Employee represents that he does not currently have
                  on file, and has not made in any forum, any complaints,
                  charges, or claims (whether civil, administrative, or
                  criminal) against Company.

         D.       Employee agrees that all severance benefits to be paid to
                  Employee by Company pursuant to the Employment Agreement
                  represents benefits to which Employee would not be entitled
                  absent this Agreement. The Company agrees that all covenants
                  provide to the Company pursuant to the Employment Agreement
                  represent material benefits to the Company which the Company
                  would not be entitled to absent this Agreement.

         E.       Employee agrees to the following Non-Solicitation/Competition
                  and Confidentiality Provisions:

                  (a)      During the Severance Period, as defined in the
                           Employment Agreement, Employee shall not directly or
                           indirectly, as owner, officer, director, employee or
                           agent conduct or be related to any business in direct
                           competition with any business of Company.

                  (b)      In addition to, and not in limitation of the other
                           provisions hereof or of any other agreement between
                           Employee and Company, Employee shall not at any time
                           in any manner other than in the ordinary course of
                           good faith competition only as permitted herein
                           interfere with, disturb, disrupt, decrease or
                           otherwise jeopardize



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                           the business of Company or do or permit to be done
                           anything which may tend to take away or diminish the
                           trade, business or good will of the Company or give
                           to any person the benefit or advantage of the
                           Company's methods of operation, advertising,
                           publicity, training, business customers or accounts,
                           or any other information relating to or useful to
                           Company's business. This provision shall not apply to
                           information already known or readily available to the
                           public.

                  (c)      Except as provided for herein, the existence of any
                           claim or cause of action by Employee against Company
                           predicated on this Agreement or otherwise, shall not
                           constitute a defense to the enforcement by Company of
                           these covenants.

                  (d)      Employee acknowledges and confirms that the
                           restrictions contained herein are fair and reasonable
                           and not the result of overreaching, duress, or
                           coercion of any kind.

         F.       Employee agrees to return to Employer in Boca Raton, Florida,
                  on the Termination Date or within 14 business days, all of
                  Employer's property, including computer and office equipment,
                  office keys, phone card, security access card, American
                  Express or other Employer issued or sponsored credit card,
                  parking pass, supplies, customer and work files and other
                  related materials.

         G.       Employee agrees not to disclose the contents of this Agreement
                  to anyone except Employee's immediate family or attorneys, if
                  any, provided they agree to this confidentiality clause.

         H.       Employee agrees that Employee will be responsible for
                  Employee's own attorneys' fees incurred in connection with the
                  negotiation, preparation and execution of this Agreement and
                  that Employee unconditionally releases and discharges Employer
                  from any claim for such attorneys' fees incurred by Employee
                  or on Employee's behalf.

         I.       The parties agree and acknowledge to each other that this
                  Agreement does not constitute an admission by either party of
                  any violation of any federal, state, or local statue or
                  regulation, or any violation of any of Employee's rights or of
                  any duty owed by either party to each other.

         J.       Employee warrants that he has surrendered to the Company, in,
                  all material records (and copies thereof) pertaining to
                  Company's business operations and related to any work
                  performed for Company, all material Company property, and any
                  and all third party property, including all confidential
                  and/or proprietary information, drawings, computer programs or
                  copies thereof, documentation, notebooks and notes, reports
                  and any other materials on electronic or printed media.
                  Included are any documents or media containing the names,
                  addresses, and other information with regard to customers or
                  potential customers of the Company, business alliance partners
                  or Daleen Solutions Partners which have been served by the
                  Employee.

         K.       Employee and Company agree that each will refrain from making
                  any written or oral statement or taking any action, directly
                  or through others, which either knows or reasonably should
                  know to be disparaging or negative concerning the each other
                  or their respective officers, directors, employees, attorneys
                  or agents.

         L.       It is recognized and acknowledged that a breach by the
                  Employee or the Company of




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                  any of the covenants in Section 2 of this Agreement will cause
                  irreparable harm and damage to the other party, the monetary
                  amount of which may be virtually impossible to ascertain. As a
                  result, each recognizes and acknowledges that the other party
                  shall be entitled to, in addition to any other remedies
                  available to the other party, an injunction from any court of
                  competent jurisdiction enjoining and restraining any violation
                  of any or all of the covenants contained in Section 2 of this
                  Agreement by Employee or Company and such right to an
                  injunction shall be cumulative and in addition to whatever
                  other remedies the Company or the Employee (as the case may
                  be) may possess.

         M.       Employee agrees and acknowledges that Employee will be
                  responsible for payment of any outstanding balance on
                  Employee's company-issued or company-guaranteed American
                  Express account related to personal expenses of the Employee
                  or Company expenses for which Employee has been reimbursed
                  ("EMPLOYEE RESPONSIBLE Expenses"). Employee agrees that
                  Company will be entitled to deduct from any payments due
                  Employee, including Employee's severance payments as provided
                  for in his Employment Agreement, all Employee Responsible
                  Expenses.

SECTION 3. INFORMED, VOLUNTARY SIGNATURE. Company has informed Employee that
they may consult counsel before executing this Agreement. Employee agrees that
he has had a full and fair opportunity to review this Agreement with counsel and
signs it knowingly, voluntarily, and without duress or coercion. Further, in
executing this Agreement, Employee agrees that he has not relied on any
representation or statement not set forth in this Agreement.

SECTION 4. NO ADMISSION. The parties agree that this Agreement does not
constitute any admission by Employee or by Company or any of its officers,
directors, employees, agents, and representatives, and their successors in
interest of any (i) violation of any statute, law, regulation, order, or other
applicable authority, (ii) breach of contract, actual or implied, or (iii)
commission of any tort.

SECTION 5. MISCELLANEOUS.

         A.       Any material breach of this Agreement by Employee will result
                  in Company not being required to comply with its obligations
                  under this Agreement. Any material breach by the Company of
                  this Agreement or its failure to provide timely severance
                  benefits pursuant to the Employment Agreement will result in
                  the Employee not being required to comply with his obligations
                  and covenants under any agreement between him and the Company
                  including this Agreement and the Employment Agreement,
                  including all provisions which provide for survival subsequent
                  to termination.

         B.       This Agreement shall be interpreted and enforced in accordance
                  with the laws of the State of Florida. Each of the parties
                  submits to the jurisdiction of any state or federal court
                  sitting in Palm Beach County, Florida, in any action or
                  proceeding arising out of or relating to this Agreement and
                  agrees that all claims in respect of the action or proceeding
                  may be heard and determined by any such court. Each party also
                  agrees not to bring any action or proceeding arising out of or
                  relating to this Agreement in any other court. In addition,
                  the parties agree to waive any rights to a jury trial should
                  any dispute arise under this Agreement or related in any way
                  to Employee's employment with Company.

         C.       This Agreement represents the sole and entire agreement
                  between the parties and




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                  supersedes any and all prior agreements, negotiations, and
                  discussions between the parties or their respective counsel
                  with respect to the subject matters covered herein.

         D.       If either party initiates proceedings for the other's breach
                  of this Agreement, the prevailing party shall recover
                  attorneys' fees and costs, including such fees and costs on
                  any enforcement or appeal proceedings.

         E.       If one or more paragraphs of this Agreement are ruled invalid
                  or unenforceable, such invalidity or unenforceability shall
                  not affect any other provision of the Agreement, which shall
                  remain in full force and effect.

         F.       This Agreement may be modified only by a writing signed by
                  both parties.

         G.       Both parties agree that, unless required by law or by a court
                  of competent jurisdiction, this Agreement shall remain
                  confidential and will not be used for any purpose other than
                  enforcing its specific terms in any proceeding between the
                  parties. If this document must be filed in any court
                  proceeding, the person seeking to file it will do so only
                  under seal, unless expressly prohibited by the court.

         H.       This Agreement may be executed in two counterparts, each of
                  which shall constitute an original, but all of which together
                  shall constitute one and the same document.

IN WITNESS WHEREOF, Employee and Company have agreed upon and executed this
Agreement as of the date first set forth above.

EMPLOYEE:                                  DALEEN TECHNOLOGIES, INC.:

/s/ David B. Corey     January 9, 2002     By: /s/ James Daleen
--------------------------------------         ---------------------------------
Signature of Employee      Date            Title: Chief Executive Officer
                                            Date: January 9, 2002





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