Abacus Group, a portfolio company of WestView Capital, closed its buy of Proactive Technologies. Financial terms weren’t announced. Proactive Technologies, of New York, provides IT services exclusively to hedge funds, private equity and other investment firms.
Abacus Group Acquires Proactive Technologies
The combined company will be the largest provider of IT services in the New York metro region for hedge funds and private equity firms.
NEW YORK, February 13, 2019 – Abacus Group, a global provider of IT services for alternative investment firms, today announced it has completed the acquisition of competitor Proactive Technologies. The two companies will merge under the Abacus Group umbrella, combining their leading-edge technologies, similar philosophies of premium customer service, operational synergies and talent pools.
Since its founding in 2007, Proactive has grown to service over 120 alternative investment clients, mostly in the New York City area. As a result of the acquisition, Abacus Group, which as of year-end 2018 services over 400 clients across the US and the UK, will now be the largest IT managed service provider specialized in alternative investment firms in the New York metropolitan region, based on client count. For year-end 2018, Abacus Group and Proactive Technologies reported 23% and 18% year-over-year revenue growth, respectively.
• Founded in 2008, Abacus currently has over 125 employees across eight offices, in New York, NY; San Francisco, CA; Boston, MA; Dallas, TX; Greenwich, CT; Los Angeles, CA; Charlotte, NC; and London, England. Proactive has over 45 employees, the majority of which are New York-based and will move into Abacus’ newly renovated headquarters in midtown Manhattan.
• Jacob Cane, president and co-founder of Proactive, and Dave Cava, COO and co-founder of Proactive, have joined Abacus’ leadership team as Managing Directors, and will assist with facilitating the integration of Proactive’s employees and clients into Abacus’ systems over the next nine to 12 months.
• Proactive clients will eventually be able to take advantage of an extensive menu of leading-edge technologies and solutions available on the Abacus Cloud platform, including a hosted voice service, application hosting, 24×7 helpdesk, dedicated cybersecurity team, global presence and a suite of compliance tools within the proprietary Abacus Client Portal.
• Chris Grandi, CEO of Abacus Group
“We are thrilled to be joining forces with Proactive Technologies. Over the past 12 years, they have built an amazing business and a great team culture. It’s exciting that, together, Abacus and Proactive will be the largest team of engineers and IT support personnel serving alternative investment managers in the New York City area.”
• Jacob Cane, Co-founder and President of Proactive Technologies
“We have long had a deep respect and affinity for Abacus Group, and we look forward to working with them as a unified team. We are excited to offer our client base access to Abacus’ robust technology platform while continuing to deliver on our hallmark commitment to service and a great end user experience.”
About Abacus Group
Abacus Group, LLC 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; and London, England. For more information, visit www.abacusgroupllc.com.
Take your pick!
- Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
- VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.