independent contracting team

I had heard of software development teams who contracted themselves out to companies to help/build products the way an individual software developers do. It makes sense: the biggest time investment is learning how to work together as a high functioning team. I had not heard reports of this actually happening until today.

I am hearing that it is common in the EU and UK but is not as common/ popular in the US (yet). Referred to today as a Consultancy Coop.