Updated
eTapestryhas 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.