Abacus Group Reports 20% Revenue Growth and Expands Offices
by Abacus Group, on Sep 20, 2018
NEW YORK, September 20, 2018 – Abacus Group, a leading provider of hosted IT solutions and application hosting for alternative investment firms, today announced revenue growth as it has expanded its resources and offices in New York, Charlotte and London (UK). So far in 2018, Abacus reports 20% growth in revenue (year-over-year), a 23% increase in number of end-users on its flagship IT-as-a-Service product, AbacusFLEX™, and a 28% increase in number of client firms on its cloud platform.
“We marked our first decade of service to the alternative investment community this year, and we are preparing for the next 10 years with a heavy investment in technology and cybersecurity, as well as intentionally-designed office spaces for our ever-growing talent pool,” said Chris Grandi, CEO of Abacus Group. “Our continued growth and expansion demonstrates that we are investing in ourselves in order to provide even better services for our clients.”
Originally founded in San Francisco in 2008 catering exclusively to the hedge fund industry, Abacus Group has grown into a global firm also providing hosted IT solutions to private equity firms, family offices and asset managers. The firm has seven offices across the U.S. and a Europe division based in London (UK). Its currently doubling the size of its New York City headquarters in midtown at 655 Third Avenue to 13,000 square feet to accommodate a burgeoning workforce, with renovations expected to be complete by the end of 2018. Earlier this year, it completed an expansion of its London office. This month, its software team moved into a new 2,600 square-foot space in North Carolina’s Ballantyne Corporate Park, doubling its work capacity and solidifying a commitment to investing in top tech talent in the Charlotte area.
In the past year, Abacus has invested heavily in its client portal software, a proprietary suite of compliance tools developed in-house and designed to provide complete transparency and control of an investment firm’s technology platform. Its R&D team is currently working on several new product offerings and enhancements expected to be announced in Q4 of 2018 and into 2019, with a keen focus on cybersecurity in both public and private cloud environments.
During the past six months, Abacus Group was honored by:
- HFM US Hedge Fund Services Award – won “Best Tech Infrastructure Provider” and “Best Use of Cloud Technology.” Abacus Group was also shortlisted in multiple categories in the HFM European Hedge Fund Technology Awards.
- Inc. Magazine as one of America’s fastest-growing private companies in its Inc. 5000 list – listed at No. 3950 with three-year revenue growth of 90 percent.
- CRN®, a brand of The Channel Company, named Abacus Group to its 2018 Fast Growth 150 list. The list is CRN’s annual ranking of North America-based technology integrators, solution providers and IT consultants with gross sales of at least $1 million.
- Channel Futures 11th annual MSP 501 Worldwide Company Rankings ranked Abacus Group 48th among the world’s 501 most strategic and innovative managed service providers.
- Computing's 2018 Cloud Excellence Awards (London) shortlisted AbacusFLEX for its IT-as-a-Service product of the year.