American firm Abacus Group has acquired London-based Tribeca Technology Group in a merger of the two providers of tech to the financial services industry.
The acquisition will see Abacus Group, which also provides specialised cybersecurity expertise, significantly increase the size of its UK business as the two companies collaborate to pool their experience, diversify their portfolios and scale their offerings.
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.
“I’m delighted to welcome Tribeca and its clients to Abacus Group,” said Anthony J. D’Ambrosi, CEO, Abacus Group.
“Tribeca’s reputation and long-standing client relationships are indicative of extending our core values as we further establish Abacus as the premier provider of managed services across the UK for financial services institutions.
“We are committed to leadership, innovation, operational excellence and exceptional client experiences in this important market, and this acquisition demonstrates just that.
“Together, our capabilities and scale will drive new opportunities for growth, to the benefit of clients, employees and shareholders alike. We look forward to working with the Tribeca team to ensure a seamless integration and continuing their outstanding work.”
Mark Instance, managing director 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.”
Tom Cole, managing director, UK & Europe at Abacus Group, said: “We are fully dedicated to ensuring this integration is an unqualified success.”