SofterWare, Inc., the Horsham, Pa., parent company of DonorPerfect fundraising software, has purchased ReadySetAuction (RSA) in Bainbridge Island, Wash., which the companies say has managed at least $300 million in auctions for more than 3,000 nonprofits since its founding in 2003.
ReadySetAuction is cloud-based auction software that powers silent, live, mobile, and online auctions. Terms of the deal were not disclosed but industry insiders said the price tag was “in the seven figures.”
“We’re also excited about the potential to offer existing ReadySetAuction clients the opportunity to use DonorPerfect to expand their fundraising efforts beyond fundraising auctions,” said Jon Biedermann, vice president of fundraising products for SofterWare.
“There are a lot of software products in this fundraising auction space. All stand alone. None of the major direct competitors has its own integrated solution,” said Doug Schoenberg, CEO and co-founder of Softerware. “We think this gives us a competitive advantage.”
Biedermann said the firms had a working relationship and that ReadySetAuction’s data already interface with DonorPerfect. ReadySetAuction uses DonorPerfect’s Import Module to bring in data files pre-labeled to match fields so data are mapped, eliminating data entry.
“We’ve had a successful partnership with ReadySetAuction for several years, and their product already integrates with DonorPerfect and their DonorPerfect Payments Gateway. This acquisition will allow us to make the two products work even more seamlessly together,” said Biedermann.
The firms have “several dozen” joint clients and that can be “expanded, say, 10 times that,” said Schoenberg. It’s a more complete set of solutions from a single vendor. That’s the motivation behind the deal, he said.
A special event venue needs a robust Wi-Fi network and/or strong 3G/4G/LTE cellular signals. Bidders can use their own smartphones and tablets to browse the auction catalog, place bids, make purchases or donate. The charity needs no other equipment, Biedermann said. Donors do not need to download an app.
ReadySetAuction President & CEO Sam Weiss said, “My co-founder, Lisa Weiss, and I are delighted to have SofterWare acquire ReadySetAuction. We’ve been incredibly impressed with their capabilities to ensure a successful future for ReadySetAuction and our clients.”
SofterWare has been developing and supporting software since 1981 and has grown to revenue of more than $40 million 10,000 nonprofit clients, according to the firm.