The Boston-based ASP and Web integrator is the latest integration firm to launch a venture capital subsidiary that will take financial stakes in its customers' businesses. The subsidiary, Breakaway Capital LLC, was formed through a partnership with Katalyst LLC, Philadelphia, which works with Web start-ups.

Several Internet consulting firms have formed separate business-to-business venture capital operations, including USWeb/CKS, San Francisco, which last June started Intend Change, a venture construction firm that builds and launches new enterprises, along with EDS Corp., Cambridge Technology Partners Inc. and Scient Corp.

Breakaway Solutions hopes the partnership with Katalyst will provide more value to clients than they can get from larger Internet holding companies, said Gordon Brooks, Breakaway Solutions president and chief executive. "This is really consistent with our focus," he said.

While this may make sense for consulting firms, they should not get distracted from their what they do best, some analysts said. "Right now, I don't see any risks whatsoever in these guys doing this," said Susan Scrupski-Miranda, president of IT Services Advisory LLC, Hillside, N.J.