Tribeca Technology Holdings Limited (“Tribeca“) has been sold to Abacus Group LLC (“Abacus“), a leading managed services provider to financial services firms globally. Castle Corporate Finance Limited (“Castle“) advised Tribeca on the transaction, alongside law firm Thomson Snell & Passmore.
The deal will see New York headquartered, private-equity backed Abacus, which also provides specialised cybersecurity expertise through its Gotham Security Cyber Practice, significantly increase the size of its UK business and capabilities.
UK based managed services provider Tribeca, which also has offices in New York and Hong Kong, has specialist experience in the UK private equity, asset and wealth management market, complementing Abacus Group’s deep expertise in the region’s hedge fund and private equity space.
The integrated merger of the two businesses also enables Abacus to seamlessly extend its full suite of managed IT and cybersecurity services, including its market leading abacusFlex platform to Tribeca’s existing clients, whilst scaling its resources more effectively. This powerful combination will benefit customers of all sizes and ensure a premium service to emerging managers as well as large multinational organisations.
Mark Instance at Tribeca commented: “Joining Abacus Group is a very exciting opportunity for Tribeca clients and employees, not just in the UK, but globally. Being part of a larger organisation opens up new possibilities for growth and collaboration, and I have every confidence that together, we will continue to deliver exceptional service and support during this transition period and beyond.
Working with Thomson Snell & Passmore and Castle meant I had experienced and professional advice throughout the transaction providing valuable advice and support at every juncture. Their dedication to getting the deal done was massively impressive while ensuring a commercial approach was taken. Working with Thomson Snell & Passmore and Castle ensured the deal had a great outcome.”
Victoria Ansell, Castle director, added: “It was a pleasure to be involved in this transaction and to achieve such a great outcome for all parties. Mark and his team have built a great business at Tribeca, which was clearly recognised by Abacus Group, and the deal should now enable all parties to maximise the combined potential going forward. I look forward to seeing their joint successes from here on, and wish everyone involved the very best for this next phase of Tribeca and Abacus Group’s evolution.”
Joanne Gallagher, Head of the Corporate team at Thomson Snell & Passmore, concluded “This was a great transaction to have advised on and it is always rewarding to work on a global deal that builds on the strengths of both organisations and offers such clear opportunities for growth. I wish the team at Tribeca the very best as part of Abacus Group.”
The Castle team was led by director, Victoria Ansell, and assisted by Senior Manager, Alex Nursey.
