Blackbaud buys eTapestry
Howard Lake | 6 August 2007 | News
Blackbaud, Inc., software and related services provider to nonprofit organisations, has acquired Indianapolis-based eTapestry, the web-based donor/member management software provider.
Set up in 1999, one of the first Application Service Provider (ASP) fundraising tools, eTapestry currently has more than 3,000 customers using its on-demand services, with donor records ranging from several hundred per organisation to more than 300,000.
Blackbaud reports that it “paid an aggregate purchase price of approximately $24.8 million” for the Software-as-a-Service (SaaS) provider, together with an additional amount of up to $1.5 million under a two-year stock-based performance incentive arrangement.
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Marc Chardon, Blackbaud’s chief executive officer, said: “This acquisition opens up a market opportunity that Blackbaud was not actively addressing. Combined with the robust functionality of Raiser’s Edge and our integrated suite of solutions, we believe that Blackbaud is now positioned to meet the fundraising needs of all nonprofits, irrespective of their size or approach to technology”.
He added: “From a long-term perspective, we believe that Software-as-a-Service offerings in the nonprofit sector will grow in importance. With the acquisition of eTapestry, we have positioned Blackbaud to participate in an early-stage, high-growth trend with a company that has a proven solution, customer base and growth track record”.
eTapestry will continue operations as a wholly-owned subsidiary in Indianapolis. The 85-person company will continue to be led by Jay Love, co-founder and CEO of eTapestry.
John Moore, eTapestry’s co-founder and vice president of development, and Steve Rusche, eTapestry’s co-founder and COO, both plan on continuing in their current roles with eTapestry as it becomes part of Blackbaud.
Ten years ago Love sold Master Software Corporation to Blackbaud. On the sale of eTapestry he said: “Having previously been the CEO of a company that was sold to Blackbaud, as well as working at Target Software, I am extremely familiar with Blackbaud’s value proposition, proven track record with customers, corporate culture and clear industry leadership position.”
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.