Financial software business bought by stock market group

A SOLIHULL software company which specialises in finance systems for the social care sector has been bought by a stock market-listed company.

Abacus eSolutions’s parent company, Target eSolutions Holdings, has been bought by Sheffield-based Servelec for an undisclosed sum. The company will be rebranded as Servelec Abacus and sit under the Servelec Corelogic brand.

Garry McCord, chief executive of Servelec Corelogic, said: “We continue to effectively strengthen our market position and broaden our product portfolio to capitalise on the trend toward converged care and increase our ability to deliver against this key government agenda.

“This particular acquisition reiterates our commitment to building the market leading product suite in the social care market, following the recent acquisition of Synergy.”

Abacus was founded in 1979 and, since changes to social care were introduced in the early 1990s, has been focused on the sector, building a client base that includes more than 40 UK councils.

Its suite of finance products will complement Servelec’s existing case management software suite, Mosaic. The deal will also enable the Abacus product to move into the next phase of its development.

Servelec is aiming to develop the “strongest end-to-end offering available to education and social care practitioners in local government”. Abacus is the third acquisition which supports this ambition, following the purchase of Corelogic in late 2014 and the subsequent acquisition of the Synergy product suite earlier this year.