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Growth via acquisition continues for Foundation Source in Fairfield, Connecticut with the announcement it had brought Giving Place, a software platform for family office giving programs and private foundations, from Give, a TIFIN Company.
Terms of the deal were not disclosed. It’s the third recent deal for Foundation Source, which last year acquired both planned giving firm PG Calc and also Vennfi, home to donor-advised fund sponsor Charityvest. Foundation Source is backed by private equity firm GTCR in Chicago.
Foundation Source supports more than 4,000 charitable organizations, administers more than $26 billion in foundation assets and facilitate more than 160,000 grants and planned gifts annually, according to a Foundation Source spokesperson. Details on the integration of the platform, number of clients moving over and potential employees migrating were not made available.
Foundation Source’s leaders are prioritizing operational efficiency and an integrated experience for the wealth industry. “Foundation Source continues to invest in the capabilities and technologies that empower donors and advisors to achieve maximum impact. We know that private, family-led foundations often navigate complex wealth planning challenges, and their advisors need high-quality technology that delivers a complete, intuitive view of client giving, Joseph Mrak III, CEO of Foundation Source, said via a statement.
“This is an important milestone in Foundation Source’s strategic vision to bring enterprise-grade technology to the philanthropic sector,” Kirk Smith, principal at GTCR, said via a statement. “Foundation Source has a powerful combination of domain expertise, sophisticated products, proven infrastructure and world-class service that can scale to meet the needs of the largest private foundations, family offices, and wealth managers. We expect to build on the early success of Giving Place as we continue to expand our capabilities and deliver an unmatched experience to the industry.”
The deal allows Give at TIFIN to sharpen its focus on expanding its donor-advised fund (DAF) offerings, an area where its leaders see significant potential for innovation and growth. “As we elevate our strategy, selling Giving Place enables us to prioritize and scale the DAF solutions that are driving the future of philanthropy,” said Stacy Carter, COO and partner at TIFIN, which has three offices in the United States, as well as Madrid, Mumbai and Bengaluru. “This is about delivering more impactful and efficient giving tools that respond to the growing demands of donors and wealth managers.”
TIFIN builds platforms and applications for financial services that apply data science, AI, and technology. TIFIN has been backed by JP Morgan, Morningstar, Hamilton Lane, Franklin Templeton, SEI, Motive Partners, and Broadridge among others.
