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Corio Teams with Ernst & Young

Pioneering ASP Corio, Inc. yesterday teamed with professional services powerhouse Ernst & Young LLP to offer its outsourcing services, creating the first industrial strength Business Service Provider (BSP).

Corio, Inc and Ernst & Young will offer total enterprise management solutions for a wide range of core business functions such as e-commerce, procurement, manufacturing, customer support, finance, accounting and human resources.

Corio's technology and innovative delivery model combined with Ernst & Young's global breadth and expertise in implementation and business process outsourcing could allow the two companies to transform how business will conducted in the new economy.

According to George Kadifa, president and chief executive officer, Corio, large and small companies can leverage the joint solutions to energize their business and better compete in the new economy. "This alliance is a major step forward for the ASP industry," he said. "It will immediately make complete, hosted business solutions available to a larger universe of customers."

In related news, Corio took the first formal step earlier this week towards a Nasdaq listing when it filed registration papers with the US Securities and Exchange Commission (SEC) for a proposed IPO.

Corio aims to raise at least $50 million in the offering, which is to be underwritten by Goldman Sashes, Merrill Lynch and Robertson Stephens. The proceeds of the IPO will be used to bolster working capital and potentially make acquisitions, according to the document.