South Carolina firm buys eTapestry for $24.8M

August 6, 2007

eTapestry, which makes software available to not-for-profit groups from its offices at Mount Comfort Airport in Hancock County, has been acquired by Blackbaud Inc., a Charleston, S.C., company that also specializes in software for nonprofits.

The price of $24.8 million could increase as much as $1.5 million under a stock-based incentive.

eTapestry stores fundraising information for nonprofits. It was started in 1999 with $6.5 million in venture capital from HarbourVest Partners LLC in Boston and Gazelle TechVentures in Carmel.

The company was launched by CEO Jay Love, Chief Operations Officer Steve Rusche, Vice President of Development John Moore and Chief Technology Officer Scott Ganyo.

All four worked for Master Software Corp. until it was acquired by Blackbaud in 1997; Love was CEO.

eTapestry, which has 85 employees, will operate as a wholly owned subsidiary from the Indianapolis area.

Love, Moore and Rusche plan to stay with the company, Blackbaud said.

eTapestry has more than 3,000 customers subscribing to its on-demand services. Some customers have 300,000-plus donor records.

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