Advising Tribeca Technology Holdings on its sale to Abacus Group

Thomson Snell & Passmore’s Corporate / M&A team advised Tribeca Technology Holdings Limited on the sale of the Company and its subsidiaries to Abacus Group, a New York-headquartered, private equity-backed technology group providing managed IT services and cybersecurity services to financial services firms globally. The transaction, was named Deal of the Year at the Insider Dealmakers Awards.

The Client

Tribeca was a UK-based managed services provider with offices in London, Kent, New York and Hong Kong. The business had specialist experience supporting clients in the private equity, asset management and wealth management markets.

The Transaction

The sale brought together Tribeca’s established UK financial services technology expertise with Abacus Group’s global managed IT and cybersecurity capabilities. Public announcements described the acquisition as strengthening Abacus Group’s existing market presence and capabilities across the UK market, while extending its managed IT and cybersecurity services to Tribeca’s clients.

Significance

This was a significant technology M&A transaction involving a UK headquartered business, an international buyer and a cross-border group structure. The transaction showcased the strength of the technology market and the continued attractiveness of UK managed services providers operating in specialist financial services markets.

How We Helped

Our Corporate/M&A team advised the seller on the legal aspects of the sale, working closely with  external corporate finance and taxation advisers. We supported the client through the negotiation and finalisation of the principal transaction documents and a comprehensive suite of ancillary documentation required to complete the sale.

The transaction required careful coordination across a number of legal disciplines, with lawyers from our corporate, employment, real estate, pensions, commercial, corporate tax, dispute resolution and trusts teams contributing to the matter. We also coordinated with overseas counsel in relation to the group’s international subsidiaries.

Transaction Complexity

The transaction involved multiple workstreams, cross-border elements and international group considerations. Our role included project managing the legal process across specialist teams, coordinating with other advisers and helping the client navigate the transaction from preparation through to completion.

Given the international profile of the group and the buyer, clear communication and close collaboration between the legal, corporate finance and tax adviser teams were central to progressing the deal efficiently.

Outcome & Impact

The sale enabled Tribeca to join Abacus Group, expanding opportunities for its clients and employees while supporting Abacus Group’s continued growth in the UK financial services technology market.

The transaction provided a strong platform for continued growth and enhanced service delivery to Tribeca’s clients as part of Abacus Group.

Award Recognition

The transaction was subsequently named Deal of the Year £10m–£40m at the Inside Media Dealmakers Awards, providing independent recognition of the quality and significance of the transaction.

Client Testimonial

“Joining Abacus Group is a very exciting opportunity for Tribeca clients and employees, not just in the UK, but globally. Being part of a larger organisation opens up new possibilities for growth and collaboration, and I have every confidence that together, we will continue to deliver exceptional service and support during this transition period and beyond. Working with Thomson Snell & Passmore meant I had experienced and professional advice throughout the transaction providing valuable advice and support at every juncture. Their dedication to getting the deal done was massively impressive while ensuring a commercial approach was taken. Working with Thomson Snell & Passmore ensured the deal had a great outcome.”

Mark Instance, Tribeca

Team

The Thomson Snell & Passmore team was led by Joanne Gallagher, Partner and Head of Corporate/M&A, with support from lawyers across the firm’s Corporate/M&A, Employment, Real Estate, Pensions, Corporate Tax, Dispute Resolution and Trusts teams.