AbacusNext sold to private equity firm

Accounting

AbacusNext, a provider of cloud hosting and SaaS services to professionals including accountants, has been acquired by Thomas H. Lee Partners, a private equity firm with experience in practice management software and payment processing.

AbacusNext will continue to be led by CEO Scott Johnson and the other members of the company’s senior management team. Financial terms of the deal were not disclosed.

The remote environment birthed by the coronavirus pandemic has accelerated the need for cloud and subscription-as-a-service management. That has also produced a greater need for practice management systems that can operate with remote employees.

“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 in a statement. “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.”

Johnson thanked PSG, a growth equity firm that partners with lower middle-market software and technology-enabled service companies, and former owner of AbacusNext.

“The shift to cloud-based software is well underway and has accelerated in the current work from home environment,” said Ganesh Rao, managing director and head of financial services at THL, also in a statement. “Scott and the management team at AbacusNext are leaders in capitalizing on this growth opportunity.”

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