Abacus Group Acquires Hedgepoint Solutions
Abacus Group, a leading provider of hosted IT solutions and application hosting for alternative investment firms, has completed the acquisition of Hedgepoint Solutions, a boutique IT consulting firm based in New York City.
“Abacus Group has been doing some amazing things in the hosted IT space, growing not just throughout the US but also internationally into the European market. I’m excited for us to integrate with such an innovative company,” said Vick Manocha, Managing Director of Hedgepoint Solutions.
Founded in 2001, Hedgepoint Solutions has provided a wide array of technology services to businesses across various industries and sectors, with a particular focus on hedge funds, venture capital and private equity firms. Per the acquisition, Hedgepoint’s existing clients will now benefit from the extensive capabilities and features of the award-winning Abacus Cloud platform.
“Hedgepoint has developed a great reputation for providing stellar service to their hedge fund, venture capital and private equity clients,” said Chris Grandi, CEO of Abacus Group. “We are very excited to join forces to continue our efforts to provide leading edge technology services to the alternative investment management market.”
The deal should boost the firm's LME operations in Germany, say officials.
The deal entails the acquisition of three of the firm's brokerage businesses.
Schwab estimates a $1.8B to $2B run-rate expense synergies within three years of the deal's close.
The acquisition extends the vendor's SaaS offerings to private debt markets.
The purchase should bolster the firm's trading technology and quantitative research.