Abacus Next of San Diego announced on Feb. 21 that it acquired two companies serving the accounting space, Cloudnine Realtime and Results Software, from the companies’ private owners. Financial terms of the acquisitions were not disclosed.
San Diego-based Cloudnine is a cloud solutions provider for CPA firms.
Results Software, based in Herndon, Va., provides customer relationship management (CRM) software for QuickBooks users.
Abacus, which until now has emphasized services for the legal profession, said the acquisitions give it a gateway into the tax, accounting, finance and construction markets, and open up new partnership opportunities.
“We wanted to get into finance,” said Eric Cutler, chief sales and marketing officer of Abacus, adding that there are synergies between Abacus’ existing business and the acquisitions.
Cloudnine brings about 50 employees to Abacus while Results brings in four. The additions bring Abacus’ total head count to 305.
Providence Equity of Rhode Island owns Abacus. Alessandra Lezama is CEO.
Cloudnine hosts more than 1,000 business applications, mostly for the CPA vertical, including Intuit QuickBooks, Sage and Microsoft Solutions. Results Software provides business management CRM software that integrates with Intuit QuickBooks, Constant Contact, Microsoft Outlook, SharePoint, Google Gmail, TSheets, SmartVault and Citrix ShareFile.
Abacus plans to bring Cloudnine employees from Cloudnine’s current San Diego space to Abacus’ University Towne Center space later this year. Cutler said Abacus recently leased out 10,000 additional square feet to accommodate the growth.
He said the sales had been in process since the previous quarter.
The expanded focus does not mean Abacus is turning its back on its original business. “We spent 34 years in legal,” said Cutler. “We love the legal space.”