Abacus Group Acquires Tribeca to Continue its Growth in the UK Financial Services Sector
June 18 2024 - 10:52AM
Business Wire
Tribeca’s proven success in financial services
to be strengthened further with Abacus Group’s specialist expertise
and cybersecurity offerings
Abacus 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 its 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 their
outstanding work."
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
allow 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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Maddy Birtles, Senior Account Manager, Whiteoaks International
maddyb@whiteoaks.co.uk 01252727313