M&A Deal Summary

Thomas H. Lee Partners Acquires AbacusNext

On March 10, 2021, private equity firm Thomas H. Lee Partners acquired internet software and services company AbacusNext from Providence Equity Partners

Acquisition Highlights
  • This is Thomas H. Lee Partners’ 4th transaction in the Internet Software and Services sector.
  • This is Thomas H. Lee Partners’ 65th transaction in the United States.
  • This is Thomas H. Lee Partners’ 4th transaction in California.

M&A Deal Summary
Date 2021-03-10
Target AbacusNext
Sector Internet Software and Services
Buyer(s) Thomas H. Lee Partners
Sellers(s) Providence Equity Partners
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)
Weil Gotshal & Manges LLP (Legal)

Target

AbacusNext

San Diego, California, United States
website
AbacusNext is a vertical SaaS provider for compliance-focused professional services markets. Our purpose-built cloud infrastructure puts customers’ business data and vital applications into a virtual workspace that is accessible anywhere, anytime and from any device, enabling small and midsize legal and accounting firms to grow an efficient, secure, client-focused practice. AbacusNext was founded in 1983 and is based in San Diego, California.

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Buyer(S) 1

Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1974
PE ASSETS 25.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners, LP (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. Thomas H. Lee Partners, LP was formed in 1974 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 76 of 82
Sector (Internet Software and Services) 4 of 4
Type (Secondary Buyout) 27 of 30
State (California) 4 of 5
Country (United States) 65 of 70
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-08 Ashling Partners

Chicago, Illinois, United States

Ashling Partners LLC is a professional services & technology firm that drives efficiency gains and process improvement through Robotic Process Automation (RPA), Process Discovery, and targeted Artificial Intelligence (AI). Ashling Partners was founded in 2017 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-22 Agiliti

Minneapolis, Minnesota, United States

Agiliti is a nationwide provider of healthcare technology management and service solutions to the healthcare industry. Agiliti owns or manages more than 800,000 units of medical equipment for approximately 7,000 national, regional and local acute care hospitals and alternate site providers across the U.S. For nearly eight decades, Agiliti has delivered medical equipment management and service solutions that help clients reduce costs, increase operating efficiencies, improve caregiver satisfaction and support optimal patient outcomes. Agiliti was formed in 1939 and is based in Minneapolis, Minnesota.

Sell -

Seller(S) 1

SELLER

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.

DEAL STATS #
Overall 88 of 98
Sector (Internet Software and Services) 11 of 13
Type (Secondary Buyout) 25 of 29
State (California) 6 of 7
Country (United States) 59 of 67
Year (2021) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-03 Node4

Derby, United Kingdom

Node4 is a provider of integrated IT solutions, hybrid infrastructure, and cloud-enabled managed services to small and medium-sized businesses. Node4 was established in 2004 and is headquartered in Derby, England.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-25 Pineapple Payments

Pittsburgh, Pennsylvania, United States

Pineapple Payments is a payment processing technology company that provides omni-channel payment acceptance tools for merchants of all shapes and sizes, from startups to large scale enterprises. Pineapple Payments brings versatile payment enablement technology and payment concierge services to merchants of all sizes in an ever-changing payment processing landscape. Pineapple Payments was founded in 2016 and is based in Pittsburgh, Pennsylvania.

Sell -
Mergr

Product

Company

Legal