Three Oracle executives have jumped ship to join Corio, a start-up in the much hyped application service provider (ASP) space.
George Kadifa, former senior vice president of Oracle’s worldwide industrial applications division, will become Corio’s new chief executive.
He has more than 18 years of industry and management experience with Oracle, which also competes in the ASP market, and replaces Jonathan Lee, the start-up’s founder and former chief executive, who will now serve as chief strategy officer.
Lee said: "My view is that the entire IT ecosystem will be changed within the next five years," adding that not only would companies start outsourcing their mission critical software, but would also look to service providers to take care of their databases, networks and hardware.
Corio has also recruited Thomas Spingola, former vice president of operations and technology at Oracle’s Business Online division, as its vice president of operations, and Kirk Krappe, a former executive at Siebel Systems and Oracle, as vice president of marketing.
But Oracle is not the only company that has been raided. Roy Lowrance, former technology chief at Fleet Financial Group, has come on board as chief information officer, and Kevin Fogarty, a former executive at IBM’s Tivoli unit, has become its senior vice president of sales.
Corio, which was set up only last year, hosts and manages enterprise applications for midmarket organisations via strategic alliances with companies such as Exodus Communications, Peoplesoft, and Sun Microsystems. The company is backed by venture capital firm, Kleiner Perkins Caulfield & Byers’ Java Fund.
Forrester Research predicts that the ASP market will hit $10.1 billion by 2001, but mid sized firms are expected to be the fastest growing segment because they hope to save money and avoid management squabbles by outsourcing difficult systems.
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