Foundation Source, a provider of cloud-based solutions for private foundations and planned giving, has acquired fintech company Vennfi, which powers Charityvest, an industry donor-advised fund (DAF) sponsor, according to a news release.
The terms of the transaction, which was completed on October 17, were not disclosed. Following the acquisition, Vennfi, Charityvest, Inc. will continue to operate as a separate, independent entity, managed by its own Board of Directors, the release said. It adds that Foundation Source technology will power the Charityvest DAF program, the turnkey DAF platform, and the workplace giving program.
“With this acquisition, Foundation Source can now offer a DAF platform with an intuitive and frictionless user experience that sets a new industry standard for technology innovation,” Foundation Source CEO Joseph Mrak III said in a statement. “This strategic acquisition is an important milestone in Foundation Source's mission to make giving easier and more impactful, and we're excited to make these philanthropic solutions widely available to help people and companies drive change.”
The partnership “will broaden Foundation Source’s suite of offerings and accelerate the delivery of giving solutions across the wealth management industry through a turnkey private label platform that will make offering and administering a donor-advised fund easier and more efficient for DAF sponsors, broker-dealers, independent RIAs and other financial services organizations,” the release said, adding that the deal also allows employers to streamline corporate and employee giving efforts.
“Our organizations share a commitment to provide wealth managers and their clients with easier access to collaborative giving tools and resources,” said Vennfi CEO Stephen Kump. “After a highly collaborative and exploratory process over many months, it became clear that, together, we can catalyze more giving by making it more accessible, secure, and efficient for more people. We are enormously excited to join the Foundation Source team to unlock even more purposeful giving in the years ahead.”
Fairfield, Conn.-based Foundation Source, earlier this year acquired PG Calc, a planned giving software and services provider, “as part of its growth strategy to build a single platform for a wide range of flexible, popular, tax-advantaged resources that make giving easier,” the company said.
Foundation Source serves more than 4,000 charitable organizations and administers more than $25 billion in foundation assets. It also facilitates more than 120,000 grants and planned gifts annually, the company said.