WestView Capital Partners Exits Investment in Abacus Group
June 27th, 2022
Boston, MA - WestView Capital Partners, a Boston-based growth equity firm, announced today that it has successfully exited its investment in Abacus Group ("Abacus," or "the Company"), a leading financial services-focused IT Managed Services Provider (“MSP”) specializing in hedge fund, private equity, venture capital and family office clients, to FFL Partners, a San Francisco based private equity firm.
Founded in 2008, Abacus manages clients’ entire IT stack via a tech-enabled streamlined offering specifically designed for the unique needs of the financial services industry. The innovative and award-winning Abacus Cloud platform allows investment managers to source all technology needs as-a-service, offering the capacity to scale on-demand to meet current and future IT, cybersecurity, and compliance requirements. Founded in San Francisco and headquartered in New York City, Abacus has over 250 employees and serves more than 650 clients with on-site support teams in every major financial city across the U.S. and the U.K.
“WestView has been a great partner during our time together. Their strategic guidance and financial support have been instrumental to the growth and success of Abacus,” said Chris Grandi, Founder and CEO of Abacus. “Their deep experience working with growth-oriented IT service providers allowed them to be a valuable partner in our growth.”
“We have truly enjoyed our partnership with WestView,” said Jonathan Bohrer, President of Abacus. “They have been collaborative, supportive partners as we executed on our vision to build Abacus into the preeminent MSP for the financial services industry.”
““We are thrilled to have had the opportunity to partner with Chris, Jonathan and the entire Abacus team,” said Rick Williams, Managing Partner at WestView. “They did a tremendous job of driving both organic and inorganic growth while maintaining unwavering focus on customer service.”
“We are proud to have partnered with and supported the Abacus team as they continue to scale an industry leading platform centered on compliance, cybersecurity, and best in class customer service purpose built for the financial services industry,” said Greg Thomas, General Partner at WestView. “We look forward to cheering them on as they continue to grow the Company.”
Guggenheim Securities, LLC and Lazard served as sell-side advisors to Abacus and Westview. Latham & Watkins, LLP served as legal counsel to Westview and Abacus on the transaction.
About Abacus Group
Abacus Group is a leading provider of hosted IT solutions and service focused on helping alternative investment firms by providing an enterprise technology platform specifically designed for the unique needs of the financial services industry. The innovative and award-winning Abacus Cloud platform allows investment managers to source all technology needs as a service, offering the capacity to scale on demand to meet current and future cybersecurity, storage and compliance requirements. The company has offices in New York, NY; San Francisco, CA; Boston, MA; Dallas, TX; Greenwich, CT; Los Angeles, CA; Charlotte, NC; Miami, FL; and London, England. For more information, visit www.abacusgroupllc.com.
About WestView Capital Partners
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth and consolidation transactions in industries such as software and IT services, business services, healthcare technology and outsourcing, growth industrial and consumer. For more information, please visit www.wvcapital.com.