Achieve Partners has made an investment in Ascend Partners, a provider of consulting and software services to businesses to enable them to better manage their financial processes.
Ascend provides enterprise performance management services and specializes in implementing and managing OneStream software, which is used for financial consolidation, reporting, budgeting, planning, forecasting, and integrations with other financial systems. Ascend is one of only 20 Diamond Partners of OneStream, the highest level of partnership in the OneStream ecosystem.
Publicly traded OneStream (NASDAQ: OS) is an on-premises and cloud-based SaaS enterprise performance management (EPM) platform that provides financial and operational services to large corporations. The company was acquired by KKR in February 2019 and went public in July 2024 with KKR remaining as a significant shareholder. OneStream is headquartered near Detroit in Rochester, Michigan.
Customers of Ascend include large global corporations across various industries, including real estate, manufacturing, mining, and energy. Ascend was founded by Colin Sawford and Peter Popalis and maintains dual headquarters in Toronto and Philadelphia.
According to Ascend, despite the growing use of specialized enterprise software, financial planning and analysis (FP&A) has been one of the slowest functions to modernize, with some estimates suggesting that nearly three-quarters of CFOs still rely on Excel for budgeting and forecasting.
“Ascend’s proven track record in navigating the complexities of FP&A software integration sets them apart in a rapidly growing field,” concluded Corinne Spears, a principal at Achieve Partners. “As the role of the CFO continues to expand across various industries, we’re laying the groundwork for Ascend to further its leadership position and meet the rising demand for more advanced budgeting, planning, and reporting solutions.”
“In an increasingly complex and volatile business environment, the role of the CFO has become one of the most strategic business functions,” said Mr. Sawford. “This shift not only requires more advanced technology, but also the financial expertise to implement it effectively. Through this partnership, Ascend aims to transform the FP&A sector, leveraging Achieve’s workforce expertise to build a more resilient talent pipeline.”
Abacus Finance Group was the administrative agent and lead arranger on the senior secured credit facilities that backed the acquisition of Ascend Partners. Abacus also made an equity co-investment in the company in partnership with Achieve Partners.
“I am glad that we were able to close our first deal with Abacus,” said Managing Director Aanand Radia. “They quickly understood the business and were extremely constructive. We found them easy to work with, and the transaction was handled smoothly and efficiently.”
Abacus provides cash flow-based senior financing to private equity and family office-sponsored, lower-middle market companies that have EBITDA between $3 million and $15 million. Debt facilities can be as large as $50 million. Since Abacus’s founding in June 2011, it has closed over $3 billion in financings. Abacus, led by President and CEO Tim Clifford, is headquartered in New York City and is an affiliate of New York Private Bank & Trust which was founded in 1850.
“We were pleased to have had the opportunity to complete our first transaction with the Achieve Partners team,” said Tim Clifford, the president and CEO of Abacus. “Our ability to meet Achieve’s desire for a smooth execution in a short timeframe is just one of the many attributes of our Total Partnership Approach™.”
“Achieve was great to work with in this transaction, and we are excited to partner with them on a standout company,” said Austin Rendell, a vice president at Abacus. “Ascend has a demonstrated track record of success, growing at a rate significantly ahead of its peers.”
In addition to Mr. Clifford and Mr. Rendell, Associate Greg Scanlon was a member of the Abacus transaction team.
New York City-headquartered Achieve Partners invests in companies within the education, workforce development, and technology sectors. The firm was founded in 2019 and is led by Managing Directors Daniel Pianko, Ryan Craig, Aanand Radia, and Troy Williams.
© 2024 Private Equity Professional | October 18, 2024
