AbacusNext Expands Technology-as-a-Service Platform with Acquisition of HotDocs
(Thomson Reuters ONE) -
Pioneer and Global Leader in Document Automation, HotDocs, Becomes Part of the
AbacusNext Family of Business Management Solutions
SAN DIEGO, Nov. 13, 2017 (GLOBE NEWSWIRE) -- AbacusNext®, the largest
Technology-as-a- Service (TaaS) provider for the professional services industry,
is pleased to announce the acquisition of HotDocs, the global leader in document
automation. Integration of HotDocs into the existing technology solutions for
legal, accounting, and business management makes AbacusNext the most complete
technology provider to the professional services industry.
Highlights of Acquisition:
* HotDocs is the leading provider of document automation software, with
customers in 60 different countries and a user-base, globally, that exceeds
one million.
* AbacusNext pioneered the only Compliance-Ready(TM) suite of technology
solutions designed exclusively to cloud-enable desktop, mobile and SaaS
applications in a single sign-on, secured and fully managed environment.
* HotDocs is widely used in the legal, banking, insurance, government, public
and corporate sectors for increasing accuracy, reducing cost, mitigating
risk, and improving efficiency in the generation of complex documentation.
Users can quickly and efficiently generate customized documents such as
contracts, sales agreements, government forms, and loan documentation.
* HotDocs Market, the standalone marketplace and publishing platform, gives
professionals access to thousands of premium templates. Utilized by over
9,000 users, HotDocs Market is populated with content created by leading
publishers and state bar associations.
* AbacusNext's combined user base, 1.5 million worldwide, will benefit from
the most compelling products and services portfolio in the industry,
including case management and practice management software solutions,
private cloud hosting, Desktop-as-a-Service (DaaS), IT infrastructure
management, security endpoint protection, and business automation.
This caps a year of expansion for AbacusNext-which saw acquisitions of Results
Software, an award-winning CRM, OfficeTools, an industry leading practice
management application, and Cloudnine Realtime, a hosting platform for
accounting firms. The combination represents a unique opportunity to bring end-
to-end technology services to existing clients, and AbacusNext will be
positioned to capture significant market share in a highly fragmented market as
the first company to provide a comprehensive suite of enterprise-level
technology services and products.
In addition to core products, AbacusNext acquires HotDocs Market, an online
ecommerce marketplace that allows clients to purchase and use HotDocs templates
whenever and wherever they want. This unique, self-contained e-store built by
HotDocs will ultimately allow on-demand access to products and templates across
the unified AbacusNext portfolio. Incorporating HotDocs Market into the
AbacusNext ecosystem will deliver yet another game-changing automation platform
for clients.
"Today marks another milestone as we continue building on our unique technology
services platform for our current and future clients," said Alessandra Lezama,
CEO of AbacusNext. "HotDocs' document automation software is the perfect
addition to our portfolio and will make an immediate impact for our client base
of legal and accounting firms. By leveraging the HotDocs platform and support
staff, we'll be able to offer organizations greater business efficiency than
ever before, with the broadest value proposition to support customer growth. The
combined company will have an unmatched position in serving clients by providing
a complete end-to-end solution."
Rapid technology changes in recent years, together with increased pressure to
reduce costs and increased mobility, is driving the movement to cloud-enable
firms in the professional services industry to considerably reduce their costs
and increase revenues. With this acquisition, AbacusNext builds HotDocs service
offerings into its platform, allowing deeper relationships with business clients
by providing the solutions they need to maximize operational efficiency and
strengthen profit margins.
"HotDocs and AbacusNext work across many of the same markets and are a natural
fit," said Russell Shepherd, outgoing CEO of HotDocs. "I was looking for an
acquirer with the same grand scale of ambition as the HotDocs team, and Abacus
has the ambition to take the combined businesses on to even greater heights.
HotDocs offers Abacus the opportunity to expand vertically and internationally
in one bold strategic move, through the acquisition of a global, market leading
brand, and I am delighted to be passing on the leadership and ownership of
HotDocs to this successful and expanding company."
Steve Spratt, COO at HotDocs, commented, "HotDocs document automation technology
will enhance the existing product suite that AbacusNext already provides to its
impressive client base and the 11,500 existing HotDocs client organizations will
now have access to new CRM, practice management and hosting services under one
roof. We welcome this new partnership and I look forward to sharing the benefits
it brings with existing and new customers across our key verticals of banking,
legal and large enterprise."
About HotDocs
Since launching in the early 1990s, HotDocs has defined the concept of automated
document assembly and has developed technology based on two decades of client
feedback, resulting in the most powerful and versatile document automation
solution available today. HotDocs is a pioneer and the global market leader,
with over one million users in over 11,500 client organizations across more than
sixty countries, and is headquartered in Edinburgh, UK.
About AbacusNext
As the largest Technology-as-a-Service (TaaS) provider for the professional
services sector, AbacusNext helps legal and accounting professionals achieve
ultimate success and peace of mind through the delivery of a complete suite of
compliance-ready technology solutions designed to support a secure and cloud-
enabled practice at a cost they can afford. Our portfolio of turnkey solutions
include hardware, software and infrastructure on a pay as you go model; Practice
Management, Client Resource Management (CRM), Payment Processing, Email, Desktop
as a Service (DaaS) and Managed IT.
Headquartered in San Diego, California, and backed by private investment with
Providence Equity, AbacusNext delivers products and services to over 500,000
businesses worldwide. To sign up or learn more visit AbacusNext.com.
About Providence Equity
Providence is a premier global asset management firm with $45 billion in assets
under management across complementary private equity and credit businesses.
Providence pioneered a sector-focused approach to private equity investing with
the vision that a dedicated team of industry experts could build exceptional
companies of enduring value. Since the firm's inception in 1989, Providence has
invested in more than 150 companies and is the leading equity investment firm
focused on the media, communications, education and information industries.
Providence is headquartered in Providence, Rhode Island, and has offices in New
York, London, Hong Kong, Singapore and New Delhi. For more information, please
visit www.provequity.com.
Legal:
Teeple Hall LLP and Brodies LLP participated in this transaction.
Contact:
858-529-0018
press(at)abacusnext.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AbacusNext via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 13.11.2017 - 12:00 Uhr
Sprache: Deutsch
News-ID 567846
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contact information:
Town:
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Kategorie:
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