Nonprofit software provider eTapestry bought for $26.3 million
Updated
eTapestry, a provider of database, web site, ecommerce and email software specifically designed for tax-exempt organizations, has been purchased by competitor Blackbaud in a deal worth up to $26.3 million.
eTapestry, based in Indianapolis, Indiana, provides one-stop, web-based software that helps nonprofits and churches keep track of fundraising data across systems. It competes with a range of other for-profit companies that provide software to nonprofits, including CivicSpace.
The eTapestry founders have lived an ironic story, given their focus on non-profits. Not only was eTapestry gobbled up by a competitor, as happens in the aggressive world of capitalism. They were also put out of work a decade ago, after their first non-profit company employer, Master Software, was acquired by the same Blackbaud in 1996.
They worked other jobs for a few years, starting eTapestry in 1999, according to the Indianapolis Star.
The company has received $6.5 million from HabourVest Partners and Gazelle TechVentures and says it has more than 3,000 organizations using its services today.
Blackbaud — not to be confused with education software provider Blackboard — says eTapestry will help it target a range of smaller nonprofits.
Blackbaud is headquartered in Charleston, South Carolina and works with around 19,000 organizations, including the American Red Cross, a number of colleges and high schools, the Special Olympics, and other tax-exempt organizations.
Next Story: Pelosi’s biotech defense pork
Previous Story: DFJ partners with Esprit in Europe, to form DFJ Esprit
About the Author, Eric Eldon
Eric currently covers digital media technology and business news, especially what's happening on social networks and their platforms. He also writes and edits stories about venture capital, and lots of other stuff, too. He started at VentureBeat in the spring of 2007, half a year or so after Matt Marshall left his reporting job at the San Jose Mercury News to found the site. Eric previously cofounded a startup called Writewith, that was building editorial software for newspapers and other groups of writers. The startup didn't work out, but he learned a lot.
-
Zach
-
Eric Eldon