Private equity company Thomas H. Lee Partners (THL) has acquired cloud hosting and Software-as-a-service (SaaS) services provider
AbacusNext. A Boston-based private equity firm, Thomas H. Lee Partners was founded in 1974 and typically invests in financial services, healthcare, and technology and business solutions.
AbacusNext’s cloud and SaaS services cater to a professional customer base which includes accountants. Based in San Diego, California, United States, the company was founded in 1983. It specializes in a range of areas including law practice management software, disaster recovery, virtual office services, and Microsoft Office 365 options.
AbacusNext’s solutions are designed for “small and medium-sized legal and accounting firms” and leverage cloud options that permit virtual workspaces that are “accessible anywhere, anytime, and from any device”. Working as part of THL will accelerate AbacusNext’s investment in SaaS solutions that offer “integrated payment processing”.
“The shift to cloud-based software is well underway and has accelerated in the current work from home environment,” explained THL’s Head of Financial Services and Managing Director, Ganesh Rao in a statement. “Scott and the management team at AbacusNext are leaders in capitalizing on this growth opportunity.”
With an equity capital of $25 billion, THL has invested in over 150 companies globally. Financial aspects of the acquisition have not been released, but it has been announced AbacusNext’s CEO Scott Johnson and his management team will remain in charge post-acquisition.
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