Abacus Group LLC, a provider of managed IT solutions and infrastructure to the financial services industry, announces that it has received a minority growth investment from WestView Capital Partners, a Boston-based private equity firm focused on middle market growth companies.
Abacus will continue to be majority-owned and operated by the Company’s senior management team.
Chris Grandi, co-founder and CEO of Abacus, said the company added 51 new clients in the first half of 2017 and continues to grow at a rapid pace. Founded in 2008, Abacus has established a large presence in the alternative investment management segment of the financial services industry, with offices in San Francisco, New York, Connecticut, Boston and other major financial hubs, as well as the United Kingdom.
“We see a significant opportunity in front of us right now,” Grandi said. “Investment managers rely heavily on technology but don’t want to be in the IT business. They are searching for best-of-breed providers, like Abacus, who take over their day to day IT needs while ensuring their environment is highly secure and available.”
“Our partnership with WestView will provide us with additional capital and resources to continue to evolve the Abacus platform and execute on our long-term growth strategy,” Grandi said. “WestView has a strong reputation and is experienced in working with high growth companies in the IT outsourcing sector, particularly those with a differentiated offering and sector focus. We are excited to bring them on as a partner to assist us in the next evolution of our business.”
Rick Williams, Managing Partner at WestView who will join the board of Abacus, said: “We are excited to partner with the Abacus management team led by Chris Grandi. We look forward to supporting Abacus’ management as they continue to capitalize on the growing opportunity for outsourced IT solutions within the financial services sector. The Company’s outstanding reputation and best-in-class offering coupled with a high-touch approach to customer service has enabled it to expand rapidly within the sector.”
Greg Thomas, Principal at WestView who will also join the Company’s board, added: “Abacus’ commitment to staying at the forefront of not just IT innovation but the ever-evolving security and regulatory landscape for investment managers has positioned them as one of the leading providers in the space.”
Drake Star Partners served as the exclusive financial advisor to Abacus on the transaction.