Abacus

Abacus

Milestones
Founded 2014Partnered 2016Acquired by Certify 2018
Category
SaaS

Exit Summary:

In July of 2018 Abacus was acquired by Certify. Certify had been purchased the year prior by K1 Investment Management and merged with Nexonia, ExpenseWatch and Tallie. With the acquisition, Certify signaled that they were taking a unique, multi-brand approach in its effort to change the expense management landscape. Adding Abacus to its product portfolio allowed Certify, which already supported more than 10,000 enterprise, mid-market and SMB customers in North America, to accelerate its growth and serve a more diverse range of customers as the largest independent provider of travel and expense management software.

Overview:

Abacus, the #1 mid-market expense reporting software listed on G2 Crowd, is the only truly real-time expense reporting solution on the market. It is the easiest way for a company to reimburse its teams, implement their expense policy, and reconcile corporate credit cards throughout the month. More than 1,000 customers use Abacus, including GLG, Coinbase, and Betterment.

Investment Rationale:

We invested in Abacus based on team quality, total addressable market, product quality and user experience, early traction, and Abacus’ potential attractiveness to large acquirers. Abacus’ founders came out of FourSquare and Venmo. The business had also assembled a strong investor base, including Y-Combinator, General Catalyst, and Google Ventures.