Providence Equity has acquired a controlling stake in San Diego-based Abacus Data Systems Inc, a provider of single source fully managed tech solutions. No financial terms were disclosed.
SAN DIEGO, CA – DECEMBER 16, 2015 – Abacus Data Systems, Inc. (Abacus), the leading provider of Single Source Fully Managed Technology Solutions (est. 1983), today announced a strategic majority investment by Providence Equity, a leading global private equity firm.
For over three decades, Abacus has been acclaimed as the premier provider of AbacusLaw, a fully customizable case management, time, billing and accounting software platform that enables efficiencies of scale for law firms of all sizes. With the launch of Abacus Private Cloud in 2014, Abacus furthered its mission to provide an enterprise class, fully managed suite of products designed to solve the primary challenge law firms face today: the need to incorporate technology in order to remain relevant and competitive within their industry while meeting the strictest security and privacy regulatory compliance – all at a cost they can afford.
Over the last 2 years, Abacus has migrated a significant number of its AbacusLaw customers from local networks to its Desktop as a Service (DaaS) product, Abacus Private Cloud™; a compliance ready, virtual environment which hosts, manages and supports a wide range of enterprise and client specific desktop applications, all under a single virtual desktop with inherent backup and disaster recovery and engineered for collaborative, ubiquitous and secure access.
“Abacus provides peace of mind for legal professionals confronted with data privacy vulnerabilities and rigid compliance regulations in today’s fast-paced digital world,” said Alessandra Lezama, CEO of Abacus. “Our partnership with Providence will allow us to continue to transform our company and execute on the strategy to quickly scale up our technology infrastructure to meet the ever-growing demand for secure DaaS, extending our offering to other verticals that share risks associated with technology paralysis and that are subject to compliance regulations such as legal professionals.”
Providence is a leading global private equity firm with over $40 billion in commitments and a focus on media, communications, education, and information investments. Providence is making the investment in Abacus from its Providence Strategic Growth (PSG) fund.
“Abacus has proven industry expertise and their continued commitment to advancing their technology and servicing their customer base has been a major driver of the momentum and success they have experienced,” said Marco Ferrari, Managing Director at Providence. “We are excited to partner with a management team that has proven its ability to operate a world-class organization and help further accelerate their success and growth.”
About Abacus Data Systems
Abacus Data Systems provides Turn-Key Technology Solutions that guarantee integrity, security and ultimate performance to help legal professionals and others alike quickly build and grow their practice successfully. The Fully Integrated Abacus Products & Services Portfolio leverages cutting-edge virtualization technologies to deliver full-spectrum security and privacy-compliant Private Cloud environments, enabling any size organization to adopt enterprise-grade technology at a reasonable monthly cost.
Founded in 1983, Abacus has over 250,000 clients worldwide, is headquartered in San Diego, California, and operates three fully redundant data center footprints in the United States specifically engineered to host and safeguard sensitive data for professionals. Robust security and compliance policies, including two-factor authentication, five tiers of physical, network and data security and information handling and data privacy protocols in accordance with NIST standards ensure a safe and compliant environment for even the most confidential data. Please call 1-800-726-3339 or visit http://www.abacuslaw.com/ to learn more.
About Providence Equity
Providence Equity Partners is the world’s leading global private equity firm focused on equity investments in media, communications, education, and information companies. The firm manages funds with over $40 billion in commitments and has invested in more than 140 companies globally since its inception in 1989. Providence is headquartered in Providence, RI and also has offices in New York, London, Hong Kong, Singapore, and New Delhi. Visit www.provequity.com for more information.