Sverica Capital Management has sold iWave, a SaaS provider of fundraising intelligence to healthcare, education, and non-profit organizations, to Incline Equity Partners.
iWave provides access to data and analytics to more than 4,000 non-profit organizations to help prospect researchers, fundraisers, and other development professionals determine which donor prospects to ask, how much to ask for, and when to ask.
The company’s capabilities allow subscribers to simultaneously research individuals and companies in one unified search across over 40 data sources. According to the company, its charitable giving database is the largest and most up-to-date in the world. The company, led by CEO Ross Beattie, was founded in 1991 and is based in Charlottetown, Prince Edward Island, Canada.
Sverica acquired iWave in June 2017 through its fourth fund. During Sverica’s ownership term, the company tripled in size and increased profitability. “Over the past five years, iWave has been transformed and engineered into a world-class fundraising intelligence organization that, on a daily basis, has the privilege of serving and supporting its clients as they fulfill their respective missions to make the world a better place,” said Mr. Beattie. “This rapid evolution of iWave would not have been possible without the guidance, support, and collaboration with Sverica.”
“It has been gratifying helping build and grow a company that has enabled us to do well by doing good for so many charitable organizations that make up iWave’s client base,” said Jordan Richards, a managing partner at Sverica. “I want to thank Ross Beattie, Colin Paddington, and the entire iWave team who tirelessly pursued their mission to be the thought and innovation leader in the fundraising intelligence space. I am proud of what they have been able to accomplish, thankful to have been able to join them to help scale the company, and wish them much success on their next chapter with Incline.”
“We are incredibly impressed with the iWave platform and team,” said Joseph Choorapuzha, a partner at Incline. “The company’s trusted brand and scalable solution differentiate them in the market and provide an excellent foundation for continued growth and innovation. We plan to make significant investments in iWave to serve existing clients better and accelerate the pace of new client wins. Additionally, we feel there is a significant opportunity to expand into adjacent workstreams across the donor relationship lifecycle through strategic acquisitions.”
Pittsburgh-based Incline Equity was formed in 2011 and is led by its senior partners, Jack Glover, Justin Bertram, and Leon Rubinov. In January 2020, Incline closed its fifth fund, Incline Equity Partners V LP, with $1.2 billion of capital. Incline generally invests in growing companies with enterprise values of $25 million to $750 million.
“What an honor it has been to partner with iWave – a company that thousands of purpose-driven organizations rely upon to fuel their missions, a business that grew substantially stronger during our partnership together, and a group of wonderful people. Ross, Colin, and the iWave team have built something really special, and it has been a pleasure working with them as iWave expanded its leadership in fundraising intelligence. I’m excited that iWave will empower many more of the world’s great organizations with Incline as its new partner,” said Ryan Harstad, a partner at Sverica.
Boston and San Francisco-based Sverica invests in North American-based companies with less than $20 million of EBITDA and less than $150 million of enterprise value. Sectors of interest include technology, business services, software, healthcare, and advanced industrial.
Shea & Company was the financial advisor to iWave on this transaction.
© 2022 Private Equity Professional | October 25, 2022
