The Association & Events (A&E) and Nonprofit Solutions divisions of Community Brands have been acquired by TA Associates (TA), a global growth private equity firm, creating a new platform called Momentive Software.

Terms of the deal were not disclosed but multiple industry experts estimated that the deal exceeded $1 billion. The firm will be run by Interim CEO Mike Henricks, who was chief financial officer of Community Brands and enterprise software industry-veteran Mike Mayoras who will be executive chairman. Messages to Community Brands were not immediately returned.

Community Brands Nonprofit Solutions has most recently been working on a co-branding of its GiveSmart fundraising platform and mip accounting solution. It has been evolving cloud-based business operations software and payment solutions targeted at associations, nonprofits, social good organizations, and the communities those customers serve.

Founded in 2017, Community Brands has been delivering cloud-based business operations software and payment solutions to accelerate the missions of associations, nonprofits, social good organizations, and the communities those customers serve. Community Brands, acquired SimplyFundraisingCRM in March 2022 and it was added to the fundraising suite with donor management tools for schools, volunteer-led nonprofits and established nonprofit organizations.

The name change to Momentive Software, according to an announcement, is to articulate helping organizations streamline business processes and heighten funding awareness to fuel mission growth. Additional details surrounding the brand rollout were not announced.

“We are thrilled to be partnering with Mike Henricks, Mike Mayoras and all of the talented team members at Momentive Software to further accelerate the company’s market leadership. We have been impressed with Momentive’s strong business foundation and with its highly knowledgeable and experienced team that has a passion for supporting customers who are important pillars in their communities,” Hythem El-Nazer, managing director at TA, said via a statement. “We see a tremendous opportunity for growth and look forward to supporting the new Momentive and uncovering opportunities that fuel product innovation and increase the value Momentive can deliver to its more than 30,000 customers across 30 countries.”

TA’s investment in Momentive is intended to strengthen the company’s ability to expand its global footprint at scale.

“We are fortunate to have found the right partner in TA at exactly the right time in our business transformation. We are excited to embark on this next phase of our journey with TA given their long-standing commitment to growth acceleration and track record of success. This milestone provides a major catalyst to increase our impact across the thousands of purpose-driven organizations we currently serve globally,” said Henricks via a statement.

Guggenheim Partners, Baird, and Shea & Company was financial advisor to TA on the transaction. Ropes & Gray LLP was legal adviser to TA. Raymond James was financial advisor and Willkie Farr & Gallagher LLP was legal advisor for Community Brands.

TA is a global private equity firm focused on scaling growth in profitable companies. TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services since 1968, according to the frim. TA has raised $65 billion in capital and has more than 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong.

Story is developing and will be updated.

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Source From Non Profit Times