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NORTH CASTLE, N.Y. - 13 Dec 1999: -IBM Global Financing and Ernst & Young announced today that IBM Global Financing will provide financing to Ernst & Young LLP (E&Y) consulting clients, to help meet their total business solutions needs. Under the agreement, E&Y clients will be able to finance consulting services, as well as associated information technology hardware and software through IBM Global Financing. Ernst & Young executives estimate that their clients could utilize as much as $500 million in financing over the next 12 months.
This agreement marks the first time that IBM Global Financing, the world's largest provider of IT financing, has participated in full project financing with an independent consulting organization such as E&Y. Combining a proven source for financing with Ernst & Young's comprehensive offerings will create a true one-stop shopping experience for clients. According to E&Y, IBM Global Financing was chosen for its ability to provide total solutions financing so that its clients can acquire hardware, software, services and financing from one source.
"Our clients can no longer put off decisions to design and implement new business solutions, especially at the speed at which companies must now do business," said David Shpilberg, vice chairman and chief technology officer, Ernst & Young. "The Internet economy has changed the way business is done, and this agreement with IBM Global Financing helps those clients for whom cost is a barrier to getting connected. As we help more companies become leading e-businesses, we will continue to offer creative alternatives that enable our clients to implement the solutions they want at the pace they need to move." The one-stop shopping also enables E&Y to effectively manage customer requirements for the entire project and improve long-term client relations.
"IBM Global Financing enables the world?s leading corporations to implement critical e-business solutions, by offering total solutions financing," comments Sam Khanna, vice president of services and software business development for IBM Global Financing.
"Through E&Y's relationship with IBM Global Financing, E&Y clients will be able to deploy new IT systems in line with their business needs, by enabling them to conserve capital and distribute the cost of implementation over time."
IBM Global Financing, the largest IT financier in the world, offers businesses of all sizes leasing and financing solutions for hardware, software and services acquired from IBM and other vendors. Serving customers in more than 42 countries, IBM Global Financing also provides flexible commercial financing offerings for inventory, accounts receivable and acquisition financing. In the U.S., IBM Global Financing customers are served by IBM Credit Corporation. For more information, visit the IBM Global Financing home page at http://www.ibm.com/financing.
Ernst & Young (http://www.ey.com) is one of the world's leading providers of dot-company services in assurance, consulting, corporate finance and tax. More than 85,000 people around the world act as creative catalysts, joining forces with clients to do all it takes--From Thought To Finish (TM)--to achieve positive, significant change. E&Y pioneered the development of advanced solutions that connect clients, partners and employees with E&Y resources and knowledge to help them rapidly reach their goals. Ernst & Young refers to the U.S. firm of Ernst & Young LLP and other members of the global Ernst & Young organization.
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1. Financing approvals based on credit history. Some restrictions may apply.
Hardware leasing, software and services financing, commercial financing, inventory, accounts receivable, term loans, acquisition financing
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