FFL Companions (“FFL”), a non-public fairness agency centered on progress investments in tech-enabled enterprise providers and healthcare firms, as we speak introduced that it has accomplished a strategic progress funding in Abacus Group (“Abacus,” or “the Firm”), a number one monetary services-focused IT Managed Providers Supplier (“MSP”) specializing in hedge fund, non-public fairness, enterprise capital and household workplace shoppers.
Based in 2008, Abacus manages shoppers’ complete IT stack by way of a tech-enabled streamlined providing particularly designed for the distinctive wants of the monetary providers business. The modern and award-winning Abacus Cloud platform permits funding managers to supply all know-how as-a-service, providing the capability to scale on-demand to fulfill present and future IT, cybersecurity, and compliance necessities. Based in San Francisco and headquartered in New York Metropolis, Abacus has over 250 staff and serves greater than 650 shoppers with on-site help groups in each main monetary metropolis throughout the U.S. and the U.Okay.
“We have now evaluated over 25 MSPs within the final three years and Abacus is the clear chief within the business because of the power of its administration staff, main cloud platform, and repair method purpose-built for monetary providers firms that can’t afford to compromise on compliance and cybersecurity,” mentioned Jonathon Bunt, Director at FFL. “We look ahead to partnering with Abacus Founder and CEO Chris Grandi and his administration staff as they make investments additional in supporting their present shoppers and develop to new shoppers each organically and thru strategic acquisitions.”
“FFL has a deep understanding of our enterprise and our goal markets and has a fantastic fame for partnering with founder-led companies like Abacus to assist them scale,” mentioned Grandi. “I’m assured that the sources, enterprise acumen and vitality the FFL staff brings makes them the perfect companion for Abacus as we enter our subsequent chapter of progress.”
Abacus’ monetary providers IT MSP market is estimated to be over $4 billion and is projected to develop as a lot as 15% by way of 2025.
“The growing give attention to cybersecurity, transition to the cloud, want for enhanced knowledge and analytics, and constant issue of attracting and retaining IT expertise solely will increase the significance of a world-class MSP like Abacus,” mentioned Cas Schneller, Managing Accomplice at FFL. “That is much more related in extremely regulated industries like monetary providers, the place the specialization and deep business information Abacus brings ought to proceed to assist the corporate develop its non-public fairness, enterprise capital, household workplace and wealth administration consumer base.”
Abacus marks FFL’s third IT providers funding, following ALKU, an Andover, Mass.-based main IT & Life Sciences specialised consulting agency; and Optomi Skilled Providers, a specialised supplier of know-how consulting, staff augmentation and IT outsourcing providers. Moreover, Abacus builds on FFL’s experience in partnering with main firms serving the choice funding neighborhood that began with FFL’s 2018 funding in Accordion Companions, the main monetary and know-how consulting agency for the non-public fairness neighborhood.
Guggenheim Securities, LLC and Lazard served as sell-side advisors to Abacus and outgoing funding companion Westview Capital Companions. Kirkland & Ellis LLP served as authorized counsel to FFL and Latham & Watkins, LLP and Lowenstein Sandler LLP served as authorized counsel to Abacus and Westview on the transaction.