E&Y Adds to the Flock of Big 5 Start-Up Companies
The latest entry in the Big 5 divestitures arena comes to us from E&Y. The new company, EYT, is a new look for the former Ernst & Young Technologies, and is described as a standalone ASP and eSolutions integrator that implements, develops, hosts, and supports applications for clients worldwide.
The company will use its Internet-based NetSet solution to provide “complete end-to-end hosting from development to production.” In addition, the company will provide application rental and financing, critical technologies including knowledge management and training, assessment and design services, all of which EYT claims will help clients gain a competitive advantage.
EYT is banking on its size, skills and competencies in the accounting and financial services arena to compete with other large companies who also offer ASP services. EYT will offer financial and customer relationship management applications from Lawson Software and Great Plains Software.
and a solid relationship with both Ernst & Young and Cap Gemini, having signed a five-year contract ensuring EYT's customers can receive services from both companies.
EYT enters the market backed by $50 million and preferred provider relationships with E&Y and Cap Gemini Ernst & Young U.S. LLC, the latter of which has an equity interest in the new company. Jim Hunt, President and CEO of EYT was responsible for growing the systems integrater and services portion of EYT’s business from start up to over $100 million in revenue in four years. Hunt is the former Managing Director of Systems Integration for Price Waterhouse and has spent several years working in U.S. government intelligence.