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eTapestry celebrates first year of profit

eTapestry, the pioneering web-based donor database developer, has recorded its first year of profit.

Launched in 1999, eTapestry has reported steady growth on its way to it first year of profit in 2004.

eTapestry is an application service provider (ASP): it rents its software to customers who access it over the Internet. As a result, nonprofit organisations using eTapestry do not pay the large upfront purchasing costs or the ongoing maintenance and support contracts typically paid in the purchase of more traditional software.

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Indianapolis-based eTapestry has grown from four employees in 1999 to 51 employees serving more than 5,000 nonprofit organisations in a 12,000-square-foot building with two remote and redundant backup server sites.

In 2004 eTapestry recorded a profit of $234,000 on sales of more than $4 million.

eTapestry is backed by one round of $6.5 million in venture capital funding from Boston-based HarbourVest Partners LLC and Indianapolis-based Gazelle TechVentures. “eTapestry made a conscious decision not to obtain further rounds of funding,” said Bryan Smith, eTapestry board member and venture partner for Gazelle TechVentures. “The founders have a more traditional approach to growing and running a business.”

In the past few years, eTapestry has added complementary products and services, such as Web development and WishList, a customized online giving e-commerce programme for schools.

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