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
Denver, CO, and Toronto, Canada – 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.
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About Actionstep
Actionstep is a fast-growing, dynamic legal SaaS (Software as a Service) business with a global customer base, including 35,000 users globally. Actionstep delivers a comprehensive legal practice management cloud platform to midsize law firms looking for an adaptable, all-in-one solution. Using 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, Actionstep is where law works. Visit www.actionstep.com to learn more.
About AffiniPay
AffiniPay is the market leader in professional services software serving legal, accounting, architectural, engineering and construction firms. AffiniPay has been recognized as one of Inc. 5000’s fastest growing companies for 12 years in a row. AffiniPay’s solutions are trusted by more than 65,000 law firms with more than 150 strategic partnerships and endorsements, including the American Bar Association and the American Institute of Certified Public Accountants. Visit affinipay.com to learn more.
About Soluno
Soluno is a best-in-class time, billing, and accounting software designed to help law firms manage their unique business needs. 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. Visit www.soluno.legal to learn more.
About Serent Capital
Serent Capital invests in growing businesses with compelling solutions that exceed customer needs. As businesses grow and evolve, the opportunities and challenges they face change with them. The principals at Serent Capital have firsthand experience navigating growth through their experiences as CEOs, strategic advisors, and board members to successful businesses. Serent leverages their expertise and capital to help growing businesses thrive. Visit www.serentcapital.com to learn more.
For more information:
Jobst Elster Envision Agency elster@envisionagency.com / Tel: +1 (850) 459-4947
