AbacusNext Expands Technology-as-a-Service Platform with Acquisition of HotDocs
Pioneer and Global Leader in Document Automation, HotDocs, Becomes Part of the AbacusNext Family of Business Management Solutions
San Diego, CA, November 13, 2017 – 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™ 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 sharein a highly fragmented market as the first company to provide a comprehensive suite ofenterprise-level technology services and products.
In addition to core products, AbacusNext acquires HotDocs Market, an onlineecommerce marketplace that allows clients to purchase and use HotDocs templateswhenever and wherever they want. This unique, self-contained e-store built by HotDocswill ultimately allow on-demand access to products and templates across the unifiedAbacusNext portfolio. Incorporating HotDocs Market into the AbacusNext ecosystemwill deliver yet another game-changing automation platform for clients.
“Today marks another milestone as we continue building on our unique technologyservices platform for our current and future clients,” said Alessandra Lezama, CEO ofAbacusNext. “HotDocs’ document automation software is the perfect addition to ourportfolio and will make an immediate impact for our client base of legal and accountingfirms. By leveraging the HotDocs platform and support staff, we’ll be able to offerorganizations greater business efficiency than ever before, with the broadest valueproposition to support customer growth. The combined company will have anunmatched position in serving clients by providing a complete end-to-end solution.”
Rapid technology changes in recent years, together with increased pressure to reducecosts and increased mobility, is driving the movement to cloud-enable firms in theprofessional 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 needto 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 thesame grand scale of ambition as the HotDocs team, and Abacus has the ambition to takethe combined businesses on to even greater heights. HotDocs offers Abacus theopportunity to expand vertically and internationally in one bold strategic move, throughthe acquisition of a global, market leading brand, and I am delighted to be passing onthe leadership and ownership of HotDocs to this successful and expanding company.”
Steve Spratt, COO at HotDocs, commented, “HotDocs document automation technologywill enhance the existing product suite that AbacusNext already provides to itsimpressive client base and the 11,500 existing HotDocs client organizations will nowhave 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 bringswith existing and new customers across our key verticals of banking, legal and largeenterprise.”
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.
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