Actionstep acquires legal accounting software company Soluno
Actionstep, the global cloud practice management platform catering to midsize law firms, has taken a significant step forward with the acquisition of Soluno, a legal accounting software company based in Toronto. This strategic move brings together two industry-leading software products, combining Actionstep’s comprehensive legal practice management capabilities with Soluno’s top-tier accounting software. The result? An integrated platform poised to meet the evolving needs of modern midsize law firms in the U.S. and Canada.
The primary goal of this acquisition is to fuse the strengths of both products into a unified platform, offering midsize law firms a powerful toolset for practice management and accounting. Clients can expect a range of tailored solutions, designed to address their specific needs. Additionally, Actionstep and Soluno will remain accessible as standalone products for those who prefer them.
Early Stephens, Global CEO of Actionstep, highlighted the significance of this milestone, stating, “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.”
Alan Tuback, CEO of Soluno, expressed confidence in this partnership, saying, “I can’t imagine a better home than Actionstep for Soluno’s customers and team. 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 the future.”
Dru Armstrong, CEO of AffiniPay, endorsed the acquisition, emphasizing their commitment to providing market-leading financial services and practice management to the legal industry. Armstrong stated, “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’s growth trajectory remains steadfast, with a focus on expanding its customer base internationally. The company’s highly adaptable, comprehensive legal practice management platform continues to resonate with boutique and mixed-practice law firms. Since the investment from Serent Capital in September 2020, Actionstep has experienced exponential growth, both organically and through acquisitions, now serving 35,000 subscribers worldwide, including 15,000 in North America.
This acquisition follows Actionstep’s recent additions of Australian legal practice management software companies FilePro in September 2023 and LawMaster in September 2022. Early Stephens shared, “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. 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) played a pivotal role as the exclusive advisor to AffiniPay in this transaction.