Actionstep Acquires North American Legal Accounting Platform Soluno
Combined companies to create a unified practice management and accounting software platform for midsize law firms in 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:
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.