ASP Gets $81.3 MIllion

May 26, 2002 (08:05 PM EDT)

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Having just completed a restructuring plan, application service provider USi Inc. received $81.3 million from Bain Capital last week. USi, in Annapolis, Md., also said it will merge with Interpath, an ASP in which Bain maintains a controlling interest. USi CEO Andrew Stern, who will become chairman and CEO of the new company, says Bain's investment is a strong endorsement of the ASP model. USi provides financial management and HR applications for companies such as Rohm & Haas and XL Capital.