San Diego-based AbacusNext announced on Dec. 21 that it acquired Commercial Logic, an accounting software specialist based in New Hampshire. Financial terms of the deal were not disclosed.
AbacusNext offers technology solutions for legal and accounting professionals. With the new addition, AbacusNext grows to 465 employees.
Commercial Logic was founded in 1983. It develops software for accounting firms, addressing practice management and workflow. It also offers consulting services.
“By joining forces with AbacusNext, our clients will benefit from the substantial marketing, engineering and support resources at AbacusNext’s disposal and gain new access to CRM [customer relationship management], business management and private cloud solutions,” Peter Coburn, president and founder of Commercial Logic, said in a prepared statement.
The company is the latest of AbacusNext’s acquisitions under Providence Equity, which took a majority stake in Abacus in 2016. AbacusNext announced its Commercial Logic buy five weeks after it announced its acquisition of Hot Docs, a Scotland-based document automation specialist.
Rhode Island-based Providence Equity has $45 billion in assets under management.
AbacusNext said it plans to keep Commercial Logic’s New Hampshire location open for client support.
AbacusNext, based in University City, offers a complete suite of compliance-ready technology solutions for the legal and accounting markets. It bills itself as the largest technology as a service, or TaaS, provider for the professional services sector. Alessandra Lezama is CEO of AbacusNext.