AbacusNext, a technology-as-a-service provider for the accounting and legal professions, has acquired practice management software provider OfficeTools.
The combination will give AbacusNext users access to OfficeTools’ cloud-enabled firm productivity tools, including its flagship WorkSpace practice management solutions.
"We weave all these tools together and provide users with a fully integrated technology solution," AbacusNext CEO Alessandra Lezama said. "It’s our ability to fully integrate all of the applications – whether they’re using ours or a third-party product – so we take all of that burden off the user, and we create a private cloud environment where all those applications coexist and are fully managed by us."
Terms of the deal were not disclosed, but Lezama noted that the company's headcount went from 310 to over 370, and she estimates that its combined user base in the accounting field is over 25,000.
"We’re always looking at the products – we’re very excited about the product, but more so we’re excited about the people," she said. "We're picking up a lot of great talent."
The acquisition continues AbacusNext’s move into the accounting space, which started in February, when it acquired cloud-hosting company Cloudnine Realtime and CRM solution provider Results Software. (See “AbacusNext acquires Cloudnine Realtime Results Software.”)
"We come from over three decades in the legal industry, and that’s what gives us the credentials to come forward and add value to the accounting profession. We come bearing gifts!" Lezama said. "We envision a future for the profession where most CPAs and bookkeeping professionals and accountants are fully enabled with technology and are able to practice from anywhere. We want to make sure that they’re ubiquitous."
Cloudnine and OfficeTools had worked together since 2012. “As a key partner, Cloudnine extended our capabilities and provided our clients with the familiar desktop experience of OfficeTools Workspace wherever they go,” said Mike Giardina, founder and CEO of OfficeTools, in a statement. “Now, under the AbacusNext family, we will have the resources to take our products to the next level enabling key integrations as we deliver fully managed cloud solutions that meet the highest standards of functionality, security and compliance.”
Giardina will continue with AbacusNext as vice president of product for OfficeTools.
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