A Long Island software maker for law firms is forecasting a 50% workforce expansion after a merger closes, officials said.
On Thursday, Port Washington-based Zola Suite entered into a merger with AbacusNext, whose software is used in the legal and accounting markets.
Financial terms of the deal were not disclosed.
Fred J. Cohen, founder and chief executive of Zola Suite, said the Long Island company will continue to operate under its own brand and plans to add about 25 new hires to its 45 people within six months.
âWe are recruiting in the areas of engineering, customer support, sales and marketing,â he said.
Cohen said the new hires will allow Zola Suite to improve its software, but also “support a significant acceleration in growth.”
Scott Johnson, CEO of San Diego-based AbacusNext, retains the title of CEO of the combined company.
In a statement, Johnson said the merger would allow companies to “better serve our customers” with cloud software products.
AbacusNext, with a client base of approximately 11,000 law firms, has approximately 300 employees.
Cohen will remain CEO of the Zola Suite unit, serve as chief legal strategist at AbacusNext and join the board of directors of AbacusNext.
Zola Suite, founded in 2015, offers cloud-based software to manage customer relationships; E-mail; documents; Tasks; accounting; timing and invoicing for law firms.
The merger follows a private equity deal announced in March in which Boston-based Thomas H. Lee Partners LP acquired a controlling stake in AbacusNext.
Cohen, who used bootstrap financing – in which entrepreneurs don’t look to outside funders like venture capitalists – to build Zola Suite, said he retains a minority stake in the combined business. .
Prior to becoming a software entrepreneur, Cohen, a graduate of Hofstra University Law School, was a practicing lawyer specializing in trusts and estates.
Zola Creative, a marketing company that previously operated in tandem with Zola Suite, split from that company after the merger and will seek new offices, a spokesperson said.