Proof positive that there is no shortage of money or acronyms in the
application service arena, former Ernst & Young Technologies this week
christened its ASP offering as the duly dubbed EYT.
The well-established consulting firm has cast off its ASP business as a
standalone firm that is set to feature integration, hosting,
implementation, and support applications for clients worldwide.
Just to get the ball rolling, EYT picked up $50 million in first round
financing from Charterhouse
Group International, SOFTBANK Venture
Capital, fellow ASP Interliant,
Inc. and EYT management.
Because nepotism is just another term for marketing advantage, EYT struck
deals with Ernst & Young LLP to be its
preferred provider for ASP products. It took a separate deal with Cap Gemini Ernst & Young U.S. LLC,
to act is its exclusive ASP for its core applications. Both firms took an
equity interest in EYT to establish the working relationship.
Jim Hunt, EYT president and chief executive officer said the firm is
experiencing significant demand for its ASP solutions from current
customers and that the investments are a credit to EYT’s ability to thrive.
“We are extremely pleased to have the resources to further expand our
offerings,” Hunt said. “The investments speaks highly of EYT and the
confidence our investors have in the company’s capabilities and long term
potential.”
Hunt added that EYT’s association with Charterhouse, SOFTBANK Venture
Capital and Interliant could only help it successfully
grow its clientele in the rapidly expanding ASP marketplace.
In addition to EYT’s current NetSet Web hosting services, the company
intends to focus on delivering financial and customer relationship
management applications, and message collaboration services at the core of
its Web-delivered portfolio.
Herb Hribar, Interliant president and chief executive officer said EYT
represents a tremendous partnering opportunity for the ASP.
“We intend to enter into a strategic relationship with EYT where they will
outsource our messaging and web-hosting platforms and we will offer their
complete suite of Lawson financial and HR products,” Hribar said. “In
addition, we plan to continue to deepen our relationship through offering
each other’s products and services.”
EYT’s Hunt is credited for successfully growing the burgeoning systems
integrator from a dot-com start-up to attaining a run rate of more than
$100 million in just four short years.
Watch for EYT to quickly beef up its service offerings in order to pursue
full service provider aspirations. The ability to establish a relationship
with business clients as a financial consulting service and step the
customer through a variety of EYT-based solutions is a definite advantage
for the well-funded ASP.
