By ET Bureau - January 05, 2022 3 Mins Read
The social good software platform backed by funds advised by Apax Partners LLP (“Apax”) and formed through the combination of CyberGrants, EveryAction, and Social Solutions (“the Company”), today announced that it has reached an agreement to acquire Network for Good, a Certified B Corporation and leading provider of cloud-based fundraising software for nonprofits. Terms of the transaction were not disclosed.
Network for Good, which will be the first acquisition for the recently formed Company, helps small and mid-sized nonprofits cultivate donor relationships with a unified donor management and fundraising software platform. A mission-driven organization, Network for Good has been a pioneer in the digital fundraising space and has enabled thousands of nonprofits to raise billions of dollars.
“We are thrilled to welcome the Network for Good team and its customers to our Company. Network for Good has an incredible history of helping small and mid-sized nonprofits increase their fundraising capabilities through a modern and intuitive software platform,” said Erin Mulligan Nelson, CEO of the Company. “Together, we will offer best-in-class technology solutions to nonprofits of all sizes. We look forward to working with Bill and the entire Network for Good team to help our customers increase support, improve outcomes, and create lasting social change.”
The acquisition of Network for Good will expand the Company’s modern software offerings for small and mid-sized nonprofits as it continues its mission to create the leading provider of next-generation Software-as-a-Service (“SaaS”) solutions for the social good ecosystem. Existing Network for Good customers will have the opportunity to access a broader suite of next-generation solutions that will enable them to increase efficiency and build more support.
With the addition of Network for Good, the Company is further empowering nonprofits, public sector agencies, corporations, foundations, and individual donors to capitalize on digital transformation and do more good via innovative software. By expanding the offerings of all platforms involved and increasing the scope and velocity of product innovation, the Company will create additional value for users while improving outcomes for those served.
“We’ve been on a 20-year mission to make fundraising easy for small and mid-sized nonprofits. I am extremely proud of the work we have accomplished to date, and I believe that by partnering with Erin and team we will expand our ability to help nonprofits enhance relationships with their supporters and grow their missions,” Bill Strathmann, CEO of Network for Good, commented. “This is a great home for Network for Good, with its kindred focus on impact, and we are excited to leverage the combined Company’s leading software solutions to the benefit of our customers and the sector.”
The transaction is subject to customary closing conditions and is expected to close in January 2022. The Company was advised by Canaccord Genuity and Skadden, Arps, Slate, Meager & Flom. Network for Good was advised by Raymond James and Goodwin Procter.
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