Abacus Group, a provider of hosted IT solutions and application hosting for alternative investment firms, has reported revenue growth of 20 per cent year-on-year so far in 2018.
The company has seen a 23 per cent increase in the number of end-users on its flagship IT-as-a-Service product, AbacusFLEXä, and a 28 per cent 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,” says Chris Grandi (pictured), 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 US and a Europe division based in London (UK). It is 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.
