FFL Partners Completes Strategic Investment in Abacus Group

FFL Partners (FFL), a private equity firm, announced that it has completed a strategic growth investment in Abacus Group (Abacus), a leading financial services-focused IT Managed Services Provider ("MSP") specializing in hedge fund, private equity, venture capital and family office clients. Terms of the private transaction were not disclosed.

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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 Abacus Cloud platform allows investment managers to source all technology 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.

"FFL has a deep understanding of our business and our target markets and has a great reputation for partnering with founder-led businesses like Abacus to help them scale," said Chris Grandi, Abacus's founder and CEO. "I am confident that the resources, business acumen and energy the FFL team brings makes them the ideal partner for Abacus as we enter our next chapter of growth."

"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. "We look forward to partnering with 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."

"The increasing focus on cybersecurity, transition to the cloud, need for enhanced data and analytics, and consistent difficulty of attracting and retaining IT talent only increases the importance of a world-class MSP like Abacus," said Cas Schneller, Managing Partner at FFL. "This is even more relevant in highly regulated industries like financial services, where the specialization and deep industry knowledge Abacus brings should continue to help the company expand its private equity, venture capital, family office and wealth management client base."