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Carmel-based OneCause, which offers a fundraising platform for nonprofits, has been acquired by Austin, Texas-based Bonterra, the companies announced this week.
OneCause’s longtime CEO, Steve Johns, declined to disclose financial terms other than to say the deal represents “a very positive outcome” for OneCause’s investors and employees.
“We really see this as a proof point for what can be done in the Indianapolis tech community,” Johns said. “The company was started here. We grew here, we hired locally, and we grew up, we expanded, and we finally recognized and unlocked the value that we were building for so, so many years.”
OneCause’s investors include Allos Ventures, which has offices in Indianapolis and Cincinnati.
Pre-acquisition, OneCause had just over 200 employees, 119 of whom are based in Indiana. Johns said he plans to remain with the combined company to help with the transition, then will leave the company.
All of OneCause’s other employees have retained their jobs, Johns said.
“There are no current plans for layoffs at this point in time,” Johns said. “The acquisition is about growth and scale and long-term investment.”
Founded in 2008, OneCause originally did business as BidPal Inc. and its initial focus was on online bidding services for charity auctions. Over time, the company expanded its offerings to include things like auction and event management tools, and tools for online fundraising campaigns and peer-to-peer fundraising activities. The company changed its name to OneCause in 2018.
Bonterra was formed in 2022 when United Kingdom-based investment firm Apax Partners LLP combined several of its recently-acquired portfolio companies into a single business. Bonterra, which describes itself as a social good software company, has more than 1,000 employees. (The company says its name is a combination for the French word that means good, “bon,” and the Latin word for earth, “terra.”)
Toronto-based Canaccord Genuity Group Inc. served as financial advisor to OneCause and Taft, Stettinius & Hollister LLP, which has no official headquarters but operates offices around the U.S., including in Indianapolis, served as legal advisor.
New York City-based Berenson & Co. Inc. served as financial advisor to Bonterra and New York City-based Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor.
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