Top-tier and emerging hedge funds and investment managers turn to trusted provider for secure, cloud-based IT services
Abacus Group LLC, a leading provider of hosted IT solutions for hedge funds and private equity funds, has announced explosive 12-month growth. Abacus recorded significant new client wins in North America driven by demand for its AbacusFLEX™ hosted IT solution, with a 100% increase to its client base since May 2011. The company has doubled its sales and support staff and opened its third new office in North America as hedge funds and private equity funds rapidly adopt Abacus’s cloud-based technology services to support their critical IT operations.
The past 12 months have seen an accelerated expansion of Abacus’s business, with a considerable increase of live users on the Abacus private cloud. Growth has been particularly strong among both newly launched and established hedge funds that face escalating costs associated with owning and operating their own on-site IT resources. Abacus solutions empower clients with the flexibility to host any application, the scalability to add resources as needed, and the security of knowing data is always available and always protected. The cost-effective and fully redundant suite of services is supported 24x7x365.
Other key milestones for Abacus over the past 12 months include:
- Certification as the first private cloud network for hedge funds to complete the Statement on Auditing Standard (SAS) 70 audit
- Rapid adoption among new hedge funds, with double-digit growth among emerging hedge funds in Q1 2012 alone
- Recognized as the #1 Technology Provider by Hedge Funds Review in its 2011 Service Provider Rankings, and a Top 100 Managed Service Provider by MSPmentor, and a Top 100 Cloud Services Provider by Talkin’ Cloud
- Partnerships with key technology providers, including: NYSE Technologies and SunGard Global Network and MarketMap to give hedge funds and investment managers global connectivity and market data through Abacus; eSentire for collaborative threat management; and Eze Castle Software and Advent for funds that choose to deliver sophisticated financial applications, such as multi- strategy order management or portfolio management systems, as a service, rather than managed in house
- Appointments of key established industry personnel, including Jonathan Jasmine, Vice President, who joined Abacus following his senior role at Bank of America; Aaron Perlstein, Senior Network Engineer, formerly of Bank of America and BNP Paribas Prime Brokerage; and Paul Ponzeka, Senior Systems Engineer and Storage Administrator, who held prior roles at Davidson Kempner Capital Management.
“Abacus’s continued momentum and rapid adoption among the hedge fund community is an incredible endorsement of our proven cloud deployments, deep domain expertise and extensive library of tested proprietary tools,” Chris Grandi, CEO of Abacus Group. “Hedge funds continue to move to the cloud to help them manage regulatory requirements and cost pressures to allow them to focus on their core business without sacrificing performance, security, and resiliency of their technology and operations. We’re proud so many are turning to Abacus to help them accurately predict technology expenses, ensure business continuity and expand IT capacity as they grow their businesses.”