An overview of our sell-side M&A services
AffiniPay Completes Strategic Divestiture of Soluno to Actionstep
The acquisition brings together two complementary, category-leading software products with exceptional legal practice management and legal accounting capabilities to best serve the needs of modern, midsize law firms across the U.S. and Canada.
“I can’t imagine a better home than Actionstep for Soluno’s customers and team. Actionstep’s vision for modernizing midsize firms with innovative, adaptable practice management technology is completely aligned with Soluno’s ethos. Our first priority is to ensure Soluno customers know they will continue to be well taken care of by our team now and in future.”
- Alan Tuback, CEO, Soluno
“AffiniPay remains focused on providing market leading financial services and practice management to the legal industry and is committed to continuing payments partnerships with mid-market and enterprise level partners. It was super important for us to find a good home for Soluno. In partnership with Actionstep, Soluno will have an opportunity to have a bigger mid-market impact in the U.S. and Canada. We are excited to continue our strategic partnerships with both Actionstep and Soluno."
- Dru Armstrong, CEO, AffiniPay
A Serent Capital Company
SEG served as exclusive advisor to AffiniPay in its divestiture of Soluno
Client Description
The company
Soluno is a best-in-class time, billing, and accounting software designed to help law firms manage their unique business needs.
The solution
With Soluno's modern, user-friendly, cloud-based accounting and business management software, law firms can confidently manage the business of their practice all in one place. Combining time and expense entry, billing, accounting, and reporting, Soluno's browser-based solution empowers law firms to increase efficiency and be more profitable.
Headquarters
Toronto, Canada
Buyer Description
The company
Actionstep is a fast-growing, dynamic legal SaaS business with a global customer base, including 35,000 users globally.
The solution
Actionstep delivers a comprehensive legal practice management cloud platform to midsize law firms looking for an adaptable, all-in-one solution. The company uses workflow and automation to connect all the work of law firms in one platform, including Matter Management, CRM, Document Assembly and Management, Time and Billing, Payments, Trust and Office Accounting, Reporting, and more.
Backed by
Serent Capital
Headquarters
Denver, CO
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PRESS RELEASE OVERVIEW
SEG Client, AffiniPay, Completed Divestiture of Soluno to Actionstep
September 25, 2023 – Actionstep, the global cloud practice management platform for midsize law firms, today announced the acquisition of Toronto-based legal accounting software company Soluno, from professional services payments company AffiniPay. The acquisition brings together two complementary, category-leading software products with exceptional legal practice management and legal accounting capabilities to best serve the needs of modern, midsize law firms across the U.S. and Canada.
Actionstep intends to integrate the two products and ultimately create a unified platform for midsize law firms by combining the powerful capabilities of Actionstep’s practice management software and Soluno’s best-in-class accounting software. This will allow Actionstep to open up a range of solutions for customers based on their specific practice management requirements. Customers can also continue to access Actionstep and Soluno as standalone products.
Early Stephens, Global CEO of Actionstep, commented: “This is an important milestone for Actionstep in the U.S. and Canada. As Actionstep continues to innovate and refine our technology for the legal midmarket, the addition of Soluno brings advanced legal accounting capabilities to our already comprehensive practice management offering.”
“I can’t imagine a better home than Actionstep for Soluno’s customers and team,” added Alan Tuback, CEO of Soluno. “Actionstep’s vision for modernizing midsize firms with innovative, adaptable practice management technology is completely aligned with Soluno’s ethos. Our first priority is to ensure Soluno customers know they will continue to be well taken care of by our team now and in future.”
Dru Armstrong, CEO of AffiniPay, endorsed the acquisition: “AffiniPay remains focused on providing market leading financial services and practice management to the legal industry and is committed to continuing payments partnerships with mid-market and enterprise level partners.” Armstrong continued, “It was super important for us to find a good home for Soluno. In partnership with Actionstep, Soluno will have an opportunity to have a bigger mid-market impact in the U.S. and Canada. We are excited to continue our strategic partnerships with both Actionstep and Soluno.”
Actionstep continues to accelerate the expansion of its boutique and mixed-practice law firm customer base internationally with its highly adaptable, comprehensive legal practice management platform. Since September 2020, when Actionstep announced an investment from growth-oriented private equity firm Serent Capital, the company has nearly tripled its headcount through organic growth and acquisition and invested in numerous key product developments. The combined company now serves 35,000 subscribers globally, including 15,000 in North America.
This announcement comes on the heels of Actionstep’s acquisition of Australian legal practice management software companies FilePro on September 1, 2023, and LawMaster in September 2022.
“We are excited to welcome the Soluno team to the Actionstep family and look forward to incorporating their decades of legal accounting know-how into Actionstep’s global business,” shared Early Stephens. “Our immediate focus is on ensuring customers’ stability and happiness, and we look forward to sharing details in the near future as we develop exciting market offerings.”
Software Equity Group (SEG) served as the exclusive advisor to AffiniPay.