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eLedger Comes Back to Life as SecureLedger

When Web-based accounting maker eLedger ceased operation in May (see eLedger Shuts Down), source code for version 3.0 of its product was complete. The general consensus in the industry was that some company would purchase it. What industry watchers may not have expected was who the buyer would be: SecureLedger, a company headed by Lew Mellinger, eLedger's former president and CEO.

Mellinger told ASPnews that SecureLedger recently acquired eLedger's assets (the source code to its software) from Bank One. Those assets are now known as SecureLedger ASP Server — Source Code Edition, which was announced today.

Mellinger clearly now has a different perception of the accounting ASP business. Unlike eLedger, SecureLedger will not attempt to sell direct to end-user customers (e.g., CPAs). Rather the company will target ASPs, portal companies, aggregators and independent software vendors (ISVs) that are looking either to incorporate accounting software into their products offerings or sell SecureLedger as a standalone (rebranded) accounting ASP solution.

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Pricing for SecureLedger ASP Server — Source Code Edition is a flat fee of $4,995. "It has the value of a higher price point. We want to flood the market for distribution," Mellinger told ASPnews.

"We are a technology provider," Mellinger said. However, the company will also offer "customization services for clients who need that." Mellinger said he and the "few people" on SecureLedger's payroll have consulting backgrounds, so it's a natural service to offer. Mellinger also said he will call in consultants as needed on a project basis, keeping the new company's fixed costs low.

SecureLedger ASP Server — Source Code Edition includes: General Ledger, Accounts Payable, Accounts Receivable and Financial Reporting (using Crystal Decisions Crystal Reports, which costs an additional $1,000 paid to Crystal Decisions). Additional components required for implementation by an ASP include: Import, Customer Sign-Up and Site Administration. Those components, Mellinger said, are included in the $4,995 fee.

Mellinger would not elaborate on the purchase details. "That's between eLedger and Bank One."