Abacus Group, a provider of IT services for alternative investment firms, has completed the acquisition of competitor Proactive Technologies. The two companies will merge under the Abacus Group umbrella.
Since its founding in 2007, Proactive has grown to service over 120 alternative investment clients, mostly in the New York City area. As a result of the acquisition, Abacus Group, which as of year-end 2018 services over 400 clients across the US and the UK, will now be the largest IT managed service provider specialised in alternative investment firms in the New York metropolitan region, based on client count. For year-end 2018, Abacus Group and Proactive Technologies reported 23 per cent and 18 per cent year-over-year revenue growth, respectively.
Chris Grandi (pictured), CEO of Abacus Group, says: “We are thrilled to be joining forces with Proactive Technologies. Over the past 12 years, they have built an amazing business and a great team culture. It’s exciting that, together, Abacus and Proactive will be the largest team of engineers and IT support personnel serving alternative investment managers in the New York City area.”
Jacob Cane, Co-founder and President of Proactive Technologies, says: “We have long had a deep respect and affinity for Abacus Group, and we look forward to working with them as a unified team. We are excited to offer our client base access to Abacus’ robust technology platform while continuing to deliver on our hallmark commitment to service and a great end user experience.”
