The acquisitions and joint ventures were funded with a combination of debt, proceeds from the divestment of $452 million of non-core assets, and repatriations from legacy residential business, and the $200 million equity raising undertaken in March this year.Īcross FY22, Abacus’ investments included the acquisition of 31 self storage stores and development sites for $526 million, 100% interest in 77 Castlereagh Street, Sydney, NSW for $252 million, a one-third interest in Myer Bourke Street, Melbourne, Victoria, for $135.2 million, and the remaining 50% interest in 324 Queen Street in Brisbane, Queensland, for $93.8 million.ĪBP also exited its remaining residential loan positions and in July 2021, settled on a development JV with Walker Corporation at 710 Collins Street, Melbourne, where Walker acquired a 50% interest for $56 million. Either way we will be closely involved and providing whatever assistance is required.įurthermore for those customers who want an off-shore development centre, we can provide excellent, highly skilled developers and architects to extend and develop their Salesforce applications on long term contracts.Abacus has invested over $1.2 billion of capital (during FY22 and includes some post balance date transactions) into commercial and self storage. We deliver implementations directly or with chosen SI Partners according to our client’s preference. The processes and structures are always different and the beauty of the Salesforce platform is that we can configure our application to flex with them. It is our role to help them achieve their goals. Most of our customers are growing successfully and are searching for innovations and efficiencies. Our customers don’t have to have Salesforce for their CRM activities, but many do and the one common theme is that they are all different: One size does not fit all. This means that we can, not only build excellent software, but also help our clients implement it successfully including integrating with other Applications both on and off the Salesforce platform. Who knows what the future will hold?Ībacus Financials is both a Certified Salesforce Independent Software Vendor (ISV) and a Certified Salesforce Implementation (SI) Partner. Our first release on the AppExchange is Archimedes, next was Bernoulli, then Copernicus, Da Vinci, etc. Other markets will follow in due course, once the team has gained more experience with the practical implementation challenges that will inevitably arise. While the accounting fundamentals are the same across countries, the tax and legislation are not and the team had seen, first-hand, the problems that arises when one tries to be all things to all men much better to just have a robust and reliable platform than to try to do too much, too soon. It was decided from the start to focus on the UK market only. Taking advantage of all these features has been one of the most rewarding parts of building the Abacus Financials application. The Ledger Entries, which is the heart of an accounting system, were designed to leverage these capabilities to the maximum.Īnd once the core components are installed and everyone is used to them, Salesforce offers a unique and flexible capability to automate repetitive tasks and integrate seamlessly with other applications. The native Salesforce Management Information Reports and Dashboards are easy to construct and offer up-to-the-minute data. New users much prefer the Lightning look and feel because it offers a very intuitive way of working. The new Lightning interface was maturing and there was no need to be burdened with the traditional Salesforce Classic architecture. The Salesforce platform was chosen because not only is it the world’s leading CRM system, but it also offers numerous technical capabilities which the team were very familiar with. After Paul’s first visit to Bangalore, meeting the development team and enjoying TJ’s mother’s fabulous cooking, PJ was convinced that between the two of them, they had the right combination of skills and enthusiasm to build something special. When Sage announced that they were withdrawing their product, they both saw the opportunity and the Abacus Financials journey began. They first met virtually back in 2018 when both were working with and developing products for Sage Financials. Abacus Financials has been built on the friendship between Paul Foden (PJ) and Tejasvi Suryanarayana (TJ).
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