Acquisition Continues Benevity’s Buying Spree
March 28, 2018 Mark Hrywna
Financial details of the acquisition were not made public by the privately-held B-corporation, which is based in Calgary, Alberta, Canada and founded in 2008.
The acquisition expands Benevity’s existing grants management offerings, the company said via a press release, and furthers its “vision of providing a holistic technology platform that supports a broad array of corporate ‘Goodness’ initiatives,” including workplace giving, volunteering and community investment programs.
“Benevity and Versaic have always had a shared passion for client service and for helping businesses and their people make a positive difference in their communities around the world,” Bryan de Lottinville, Benevity Founder and CEO, said via a press release announcing the deal. “This acquisition further strengthens our mission of helping today’s top enterprises orchestrate their Goodness initiatives more holistically, with greater integration, efficiency and impact,” he said, adding that 70 percent of new clients implement multiple products from the firm.
The acquisition will add about 120 clients, bringing Benevity’s total to about 450 enterprise clients. Versaic employees also will integrate into Benevity’s current headcount of about 420 people, according to a spokesperson.
Versaic products will continue to be offered to companies and foundations that require its workflow and grant management features, alongside the company’s enterprise cloud program, Benevity Grants. Benevity also not disclose the CEO transition with Versaic CEO Burt Cummings. The San Mateo, Calif-based company was founded in 2003 as Sponsorwire.
The acquisition is the third major announcement by the company this year. In January, Benevity announced that General Atlantic, a global growth equity firm with $24 billion in assets under management, made a strategic investment in the company, gaining two seats on its board.
At the time, Benevity expected its next phase of growth to continue to innovate products and service, expand its charitable network and scale operations. Its client base is comprised of more than 300 global brands. Last year, 87 percent of funds donated and granted through its platform were sent electronically.
Benevity announced in February that it had acquired TrustCSR, a United Kingdom-based corporate social responsibility consultancy that services enterprise clients.