Global News
AbacusNext, a leading vertical SaaS provider for legal, accounting and compliance-focused professionals, and Thomas H. Lee Partners, L.P. (“THL”), a premier private equity firm investing in growth companies, today announced that funds affiliated with THL have acquired a majority stake in AbacusNext from PSG, a leading growth equity firm partnering with lower middle-market software and technology-enabled service companies.
AbacusNext will continue to be led by its Chief Executive Officer, Scott Johnson, and the other members of the company’s senior management team.
“We are excited to partner with THL, who offers deep expertise in practice management software and payment processing and shares our commitment to driving AbacusNext’s next chapter of growth,” said Johnson. “This partnership with THL will enable us to accelerate our investment in innovative SaaS products with integrated payment processing, allowing us to continue to offer a market-leading software suite. Thank you to PSG for their support as we grew to become a leader in the legal and accounting markets.”
“The shift to cloud-based software is well underway and has accelerated in the current ‘work from home’ environment. Scott and the management team at AbacusNext are leaders in capitalizing on this growth opportunity. We are excited to see AbacusNext continue to develop best-in-class technology and pursue strategic acquisitions that will further enhance their product offering,” said Mark Bean, Director at THL and Ganesh Rao, Managing Director and Head of Financial Services at THL.
“Throughout our partnership together, AbacusNext has firmly established its position as a leading software solutions provider in the legal, accounting and compliance-focused professionals’ services market” said Matt Stone, Managing Director at PSG. “We’re grateful to have had the opportunity to partner with AbacusNext and would like to thank their entire team, particularly CEO Scott Johnson, COO Rob Ellis and CFO Mike Skelly, for their dedication and hard work over our partnership together, and we’re excited to see what they will accomplish next.”
William Blair and Weil, Gotshal & Manges LLP acted as financial and legal advisors to AbacusNext in connection with the transaction. Kirkland & Ellis acted as legal advisor to THL. Terms of the transaction were not disclosed.
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