ABACUS FINANCE PROVIDES SENIOR DEBT FINANCING TO SUPPORT THE STRATEGIC GROWTH INVESTMENT IN HUBSTAFF FROM WESTVIEW CAPITAL PARTNERS TO EXPAND REMOTE PRODUCTIVITY AND EMPLOYEE EXPERIENCE PLATFORM
New York, NY, September 5, 2023 - Abacus Finance Group, LLC – a leading provider of cash flow-based, classic senior debt for sponsor-led buyouts of lower middle-market companies – today announced that it served as Senior Secured Credit Facilities Administrative Agent and Lead Arranger for senior secured credit facilities to support the strategic growth investment in Hubstaff by WestView Capital Partners. Additionally, Abacus Finance Group made an equity co-investment in Hubstaff.
Founded in 2012, Hubstaff is a workforce management SaaS platform that powers time and activity tracking, shift/schedule management, invoicing, and payments. WestView Capital Partners, a Boston-based growth equity firm, is focused on middle market growth companies and manages $2.7 billion in capital across five funds.
“We continue to partner with Abacus because we have trust and faith in their ability to deliver,” said WestView Managing Partner Matt Carroll. “As in previous investments, they provided us with the assurance we needed to close the transaction in a timely manner.”
“We continue to grow the Abacus-WestView relationship with Hubstaff, this being our fourth transaction together this year,” said Tim Clifford, President and CEO of Abacus. “As in past transactions, we were able to provide speed and flexibility – key aspects of our Total Partnership Approach™.”
“We were very impressed with Hubstaff management’s ability to grow the business over the past 11 years and continue to proactively develop solutions for their client’s needs,” added Abacus Finance Managing Director and COO Sean McKeever.
“As always, we appreciated the extensive due diligence that Westview provided,” commented Abacus Senior Associate Austin Rendell. “It helped us to quickly get up to speed on this opportunity and provide a seamless financing solution. We are excited to support Hubstaff in its next phase of growth.”
Abacus team members involved in the transaction included Sean McKeever and Austin Rendell. Legal counsel was provided to Abacus by Goulston & Storrs, PC.
About Hubstaff
Hubstaff, a workforce management SaaS platform, was founded in 2012. Hubstaff's platform powers time and activity tracking, shift/schedule management, invoicing, and payments. The workforce analytics suite enables businesses to optimize their distributed workforces while providing employees and contractors the visibility needed to have their most productive days. More than 95,000 diverse and global organizations use Hubstaff to support remote, hybrid, and distributed workforces. Hubstaff provides these customers with the tools they need to effectively manage the unique challenges associated with workforces spread across many geographies and time zones. For more information, please visit hubstaff.com.
About WestView Capital Partners
WestView Capital Partners, a Boston-based growth equity firm, is focused on middle market growth companies and manages $2.7 billion in capital across five funds. WestView partners with existing management teams to sponsor minority and majority recapitalization, growth capital, and consolidation transactions in several sectors, including: software, business services, IT services, healthcare technology and outsourcing, and growth industrial. WestView targets investing $20 to $100 million in companies with revenue of at least $10 million and operating profits between $3 and $25 million. For more information, please visit wvcapital.com.
About Abacus Finance Group, LLC
Abacus Finance is a leading direct lending company, focused on providing cash flow senior financing to private equity/family office-sponsored, lower middle-market companies across diverse industries. Since Abacus’s inception in 2011, it has closed over $3 billion in financings. The firm targets private debt financing opportunities of up to $50 million and finances companies with EBITDA between $3 million and $15 million. Abacus is an affiliate of New York Private Bank & Trust, which was founded in 1850.
Abacus Finance is located at 335 Madison Avenue, 23rd Floor, New York, NY 10017. All inquiries and new investment opportunities should be directed to Tim Clifford at 212-850-4620 or cliffordt@abacusfinance.com. Please visit abacusfinance.com for more information.
The Total Partnership Approach™, a registered trademark of Abacus Finance, LLC, brings together cash-flow financing expertise, deep industry knowledge and exceptional client service over the lifecycle of each investment – all providing our sponsors with certainty of close and giving them peace of mind. Our team’s deep industry knowledge combined with an obsession for efficiency results in a turnaround time of under 72 hours. This swift response time is just one aspect of our Total Partnership Approach™ – a comprehensive methodology that reflects our emphasis on growing relationships rather than just focusing on the number of transactions.
Why should you Count on Us™? The answer lies in the deep partnerships we forge by going well above and beyond what sponsors traditionally have come to expect. We don’t believe in the phrase “good enough.” We push ourselves to create custom financing solutions tailored for each company – deals are started from the ground up, and we work side-by-side with the private equity sponsors we serve during each stage of the transaction life cycle.