Thomas H. Lee Partners, L.P. (THL), has announced it has acquired a majority stake in AbacusNext, a leading vertical SaaS provider for legal, accounting and compliance-focused professionals.
AbacusNext will continue to be led by its CEO, Scott Johnson, and the other members of the company’s senior management team.
AbacusNext currently has more than 100,000 users worldwide and offers practice management and case management solutions, tailored cloud options, document automation and payment processing.
Johnson said: “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.
“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.”
Mark Bean, director at THL and Ganesh Rao, MD and head of Financial Services at THL, added: “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.”
William Blair and Weil, Gotshal and Manges LLP acted as financial and legal advisors to AbacusNext in connection with the transaction. Kirkland and Ellis acted as legal advisor to THL. Terms of the transaction were not disclosed.