News
Transaction Complements QBSS’ Expertise to Serve Not-for-Profits
NEW YORK – June 3, 2021 – VSS Capital Partners (“VSS”), a private investment firm investing in the business services, healthcare, education and information industries, today announced that its portfolio company Quatrro Business Support Services (“QBSS”), a provider of end-to-end tech-enabled business process management services, has completed the acquisition of EAB Solutions Inc. (“EAB” or “the Company”). Financial terms of the private transaction were not disclosed.
Headquartered in Chicago, EAB provides outsourced finance & accounting, and human resource services to Not-For-Profit (“NFP”) organizations. EAB’s services include accounting, government reporting, billing, audit preparation support, employee compliance and general bookkeeping, as well as human resources administration, strategic planning and employee relations services. The Company’s customers include schools and nonprofit educational institutions, arts and cultural organizations, and health and human services.
“This acquisition demonstrates VSS’ expertise in identifying compelling acquisition opportunities that sustain QBSS’ growth trajectory and ability to serve Chicago’s large and vibrant NFP community. With Quatrro’s resources EAB should be able to expand its geographic reach and grow exponentially,” said Patrick Turner, Managing Director at VSS. “EAB shares a common culture with QBSS, which enables certified nonprofit organizations to focus on their core mission activities while allowing them to operate more efficiently,” added Julen Uriguen, Senior Associate of VSS.
“EAB’s service offering is highly complementary to QBSS and strengthens our capabilities to add value to our existing NFPs and prospective clients in Chicago, where the Company is known to be a trusted financial partner to a wide range of organizations,” said C M Sharma, Chairman and CEO of QBSS. “We look forward to partnering with EAB President and CEO Christopher Egger and his tech savvy staff to expand nationally as we continue to add talent to QBSS, accelerate our evolution, and provide seamless, end-to-end BPO solutions to all our clients.” Egger and EAB founder and accounting veteran Shanan Egger, who established EAB in 2011, will join QBSS’ NFP industry management team.
The number of NFP organizations in Chicago is sizeable, representing 50,304 organizations that employ over 885,747 people who generate more than $102 billion in annual revenue, according to data from Nonprofit Metrics LLC, which tracks the nonprofit sector.
The transaction is QBSS’ second add-on acquisition as a portfolio company of VSS and Trivest Partners, following its acquisition of Vanderloo Financial Services in February 2020. VSS originally invested in QBSS in September 2019.
About VSS
VSS Capital Partners (“VSS”), a private investment firm, invests in the business services, healthcare, education and information industries. Headquartered in New York, VSS provides capital for growth financing, recapitalizations, strategic acquisitions, and buyouts to lower middle market companies and management teams with the goal of building companies organically as well as through focused add-on acquisition programs. VSS makes privately negotiated investments across the capital structure and invests in situations requiring control or non-control equity, mezzanine securities, and structured equity securities. VSS has over three decades of experience, made investments in 91 portfolio companies, with over 370 add-on acquisitions, and has managed nearly $3.5 billion in aggregate committed capital across 8 funds. For more information, please visit: www.vss.com.
About Quatrro Business Support Services (Quatrro):
Quatrro Business Support Services is a tech-enabled outsourcing firm that is changing the way companies think about finance, accounting and technology services. Our clients receive world-class teams combined with highly personal service, and a portal that lets them see and manage everything online. The trouble with most back-office outsourcing solutions is that they leave too many missing pieces – in the client experience, in the work delivered, in the reporting our clients receive more. With smarter systems and over 1,100 specialists from finance to IT support, Quatrro helps its clients see further, scale smarter, and stand stronger. And that is why we consistently achieve over 96% customer satisfaction ratings. Quatrro. Get More To Go On™. For more information, visit www.quatrrobss.com
About EAB Solutions Inc.
Founded in 2011, EAB Solutions works to change the world by empowering and supporting impactful nonprofits through services that enhance financial effectiveness, support employment compliance, and create technology efficiencies. With a range of services that include nonprofit accounting, IT, HR, development, and software implementation, EAB Solutions partners with nonprofit educational organizations, health and human services, and arts and culture organizations across the Midwest. To learn more, visit https://www.eabsolutions.net/