Abacus Finance Group has provided a $20m credit facility to support WestView Capital Partners’ recap of AccountabilIT.
The New York-based direct lending company, which provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, said it served as Administrative Agent and Lead Arranger for $20m in senior secured credit facilities to support the recapitalisation.
Based in Scottsdale, Arizona, AccountabilIT provides application management, database administration, cloud transformation and cloud managed services. Its security services helps customers assess their environment for risks to identify action plans, which reduces their exposure to security compromises.
“We have enjoyed a longstanding relationship with Abacus,” said Westview Principal Greg Thomas, “and, as in past transactions, they took the time to fully understand the cash flow needs of the business and provided a flexible financing solution that supports growth.”
Earlier this month, AccountabilIT, a managed services firm with a focus on cybersecurity, purchased ClearPointe Technologies.
Little Rock, Arkansas-based ClearPointe is a managed services provider specialising in cloud-based transformations, migrations and managed services. Founded in 2000, the company offers managed services for data center environments around the world, and currently manages servers, applications, and connectivity in both public and private clouds, hybrid clouds as well as on-premises data centers.
WestView Capital Partners, a Boston based private equity firm, has provided financing for the deal. The firm, which manages approximately $1.7bn in capital across four funds, partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions. It focuses on industries such as business services, software and IT services, consumer, healthcare technology and outsourcing and growth industrial.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
