Abacus, the real-time expense reporting and management solution, has been acquired by Portland, ME-based Certify Group. Terms of the transaction were not disclosed. “We are thrilled to join Certify’s family of brands. Teaming up with Certify will give our team the opportunity to grow Abacus’ market presence by leveraging Certify’s resources and expertise,” says Omar Qari, CEO of Abacus. “Learning more about how aligned our vision is with Certify’s helped us realize that the fastest way to achieve our goals was to join their organization.”
Founded by Qari, Josh Halickman, and Ted Power in 2013, Abacus had raised $3.6M in funding over. Investors in the company include Y Combinator, Bessemer Venture Partners, General Catalyst, GV, FundersClub, CrunchFund, QueensBridge Venture Partners, Sherpalo Ventures, Homebrew, 645 Ventures, Slack, Joshua Reeves, Lunch Van Fund, Patrick Collison, Jeff Epstein, John Collison, and Sumon Sadhu.
According to Qari, Abacus will continue to operate under its own brand and the team in NYC will remain intact, reporting to Certify Group CEO and Founder Robert Neveu. The company plans to continue expanding in New York, leveraging the expertise and resources of Certify. “Acquiring Abacus strengthens and expands our management team, product set, and domain knowledge,” says Neveu, “The company’s real-time expense management solution is unlike anything else in the marketplace. Omar and his team have done a tremendous job building Abacus and we look forward to helping them continue to grow their business while enhancing Certify’s leadership position in the spend management space.”Certify itself was acquired by the K1 investment Management in 2017 and K1 combined a number of brands (Nexonia, ExpenseWatch, and Tallie) focused on travel and expense management. Abacus is the latest addition to this multi-brand portfolio.