Merger Demonstrates FFL Partners’ IT Services Expertise and Successful Sector Exploration and Expertise Development (SEED) Strategy
FFL Partners (“FFL”), a private equity firm focused on growth investments in tech-enabled business services and healthcare companies, announced the completion of the merger of FFL portfolio companies Abacus Group and Medicus IT to launch a new multi-vertical IT Managed Services Provider (“MSP”) exclusively focused on the financial services and healthcare industries. Financial terms of the transaction were not disclosed.
“We have seen significant demand from both prospective clients and investors for IT MSPs that are vertical experts in sectors where compliance and cybersecurity are paramount,” said Jonathon Bunt, Partner at FFL. “By bringing together Abacus, the leading financial services-focused MSP, and Medicus IT, the leading healthcare-focused MSP, we are excited to create a financial services and healthcare-focused MSP powerhouse that can help compliance focused-clients achieve everything they need from an IT, cybersecurity, data and AI perspective.”
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“The combination of Abacus and Medicus enables us to further scale our global suite of managed services across IT operations, multi-cloud, cybersecurity, devops, tech-enablement and AI capabilities to better serve our clients,” said Anthony J. D’Ambrosi, CEO of Abacus, who will lead the newly combined business. “We are thrilled to partner with Medicus’ talented team who bring deep healthcare IT industry expertise, along with a compliance-oriented mindset, to the combined company and share our enthusiasm and vision for serving clients and growing the business.”
“FFL has been an outstanding partner to both of our companies, and we believe this merger marks the start of an exciting new chapter for our combined organization,” said Chris Jann, Founder and CEO of Medicus IT. “For Medicus, this combination unlocks meaningful growth opportunities and expands the depth and the breadth of technology, data and cybersecurity service offerings that we can deliver to our healthcare clients. As the healthcare compliance and cybersecurity environment grows more complex, we are uniquely positioned to empower our clients to thrive, protect their organizations, and lead with confidence in the face of change.”
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“This merger validates our long-term focus on IT MSPs that began in 2019 when our proprietary Sector Exploration and Expertise Development (“SEED”) value creation strategy identified vertically specialized IT MSPs as an attractive area for investment. This transaction is a win-win for Abacus and Medicus, providing the opportunity to expand the total addressable market and accelerate growth across both end markets, organically and inorganically,” added Cas Schneller, Managing Partner at FFL.
FFL has strong experience investing in and growing outsourced IT services businesses through strategic acquisitions and organic growth initiatives. Past investments include ALKU, an Andover, Mass.-based IT & Life Sciences consulting firm, and Optomi Professional Services, a specialized provider of IT staffing, managed services and professional services.
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