FFL Partners invests in MSP Abacus

Westview is exiting Abacus as a result of the FFL investment.

  • Guggenheim Securities LLC and Lazard served as sell-side advisors to Abacus and outgoing investment partner Westview Capital Partners
  • Founded in 2008, Abacus manages clients’ entire IT stack via a tech-enabled streamlined offering
  • Headquartered in New York City, Abacus has over 250 employees and serves more than 650 clients

FFL Partners has made an investment in Abacus Group, a financial services-focused IT managed services provider. No financial terms were disclosed.

As a result of this investment, Westview Capital Partners is exiting Abacus.

Founded in 2008, Abacus manages clients’ entire IT stack via a tech-enabled streamlined offering. 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.

“We have evaluated over 25 MSPs in the last three years and Abacus is the clear leader in the industry due to the strength of its management team, leading cloud platform, and service approach purpose-built for financial services companies that cannot afford to compromise on compliance and cybersecurity,” said Jonathon Bunt, director at FFL, in a statement. “We look forward to partnering with Abacus Founder and CEO Chris Grandi and his management team as they invest further in supporting their existing clients and expand to new clients both organically and through strategic acquisitions.”

Abacus’ financial services IT MSP market is estimated to be over $4 billion and is projected to grow as much as 15 percent through 2025.

Abacus marks FFL’s third IT services investment, following ALKU, an Andover, Massachusetts-based leading IT & life sciences specialized consulting firm; and Optomi Professional Services, a specialized provider of technology consulting, team augmentation and IT outsourcing services.

Guggenheim Securities, LLC and Lazard served as sell-side advisors to Abacus and outgoing investment partner Westview Capital Partners. Kirkland & Ellis LLP served as legal counsel to FFL and Latham & Watkins, LLP and Lowenstein Sandler LLP served as legal counsel to Abacus and Westview on the transaction.

Based in San Francisco, FFL Partners invests in the middle-market. Founded in 1997, the private equity firm’s targeted sectors are healthcare and tech-enabled services.