Abacus Group Acquires Tribeca to Continue its Growth in the UK Financial Services Sector

by Abacus Group, on Jun 17, 2024

London – 18 June, 2024Abacus Group, a leading IT Managed Services Provider (“MSP”) to financial services firms globally, today announced it has acquired Tribeca Technology Group (Tribeca), a UK-based IT MSP also serving the financial services industry, to further strengthen its existing market presence and capabilities across the UK market.

The acquisition will see Abacus Group, which also provides specialised cybersecurity expertise, significantly increase the size of its UK business as the two companies collaborate to pool their experience, diversify their portfolios and scale their offerings. Tribeca, which also has offices in New York and Hong Kong, has specialist experience in the UK private equity, asset and wealth management market, complementing Abacus Group’s deep expertise in the region’s hedge fund and private equity space.

The integrated merger of the two businesses also enables Abacus Group to seamlessly extend its full suite of managed IT and cybersecurity services, including their market leading abacusFlex platform to Tribeca’s existing clients, whilst scaling its resources more effectively. This powerful combination will benefit customers of all sizes and ensure a premium service to emerging managers as well as large multinational organisations.

Anthony J. D’Ambrosi, CEO, Abacus Group, said: “I'm delighted to welcome Tribeca and its clients to Abacus Group. Tribeca's reputation and long-standing client relationships are indicative of extending our core values as we further establish Abacus as the premier provider of managed services across the UK for financial services institutions. We are committed to leadership, innovation, operational excellence and exceptional client experiences in this important market, and this acquisition demonstrates just that.

“Together, our capabilities and scale will drive new opportunities for growth, to the benefit of clients, employees and shareholders alike. We look forward to working with the Tribeca team to ensure a seamless integration and continuing the outstanding work that has been ongoing."

Mark Instance, Managing Director at Tribeca, commented: "Joining Abacus Group is a very exciting opportunity for Tribeca clients and employees, not just in the UK, but globally. Being part of a larger organisation opens up new possibilities for growth and collaboration, and I have every confidence that together, we will continue to deliver exceptional service and support during this transition period and beyond."

Tom Cole, Managing Director, UK & Europe at Abacus Group, said: "We are fully dedicated to ensuring this integration is an unqualified success. Abacus Group and Tribeca share the same values when it comes to customer service and coming together to drive operational excellence. We have consistently maintained a client satisfaction score of 8.3 out of 10 and are laser-focused on replicating the same level of service for Tribeca clients.

“All clients will benefit from ongoing continuity of service,” added Cole, “whilst gaining access to new capabilities and the combined strengths of our businesses. The future we are building together to make this collaboration a long-term success is filled with potential for our clients and employees.”

The acquisition strengthens Abacus' position as one of the largest MSPs in the UK financial services sector. As the leadership team remains in place, looking ahead, the company will leverage its expanded capabilities and scale to pursue new growth opportunities in both domestic and global markets.

About Abacus Group

Abacus Group is a global managed IT and Cybersecurity service provider with specialised cloud, compliance and IT-as-a-Service offerings built for the unique needs of the financial services industry.

The innovative and award-winning abacusFlex platform allows financial services firms to source all technology and security needs as a service, offering the capacity to scale on demand to meet current and future cybersecurity, regulatory compliance, and storage requirements.

The company has offices in New York, NY; San Francisco, CA; Boston, MA; Dallas, TX; Greenwich, CT; Los Angeles, CA; Charlotte, NC; Miami, FL; London, UK and Edinburgh, UK. For more information, visit www.abacusgroupllc.com. 

About Tribeca Technology Group

Operating from offices in London, New York, and Hong Kong, Tribeca provides a deep understanding of industry challenges, such as PRIIPs and MiFID II, and remains vendor agnostic to ensure clients have access to the latest technology and robust cybersecurity programs.

Committed to delivering exceptional value and personalised customer service akin to an in-house IT department, Tribeca supports sustainable futures through B1G1, having made over 1.8 million giving impacts since 2016. For more information, please visit www.tribeca-it.com

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