Madison Park Group Member Management Software Market Update - Nonprofit & Association H2 2018

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Member Management Software Market Update - Nonprofit & Association
H2 2018
Connect with us Member FINRA & SIPC
© 2018 Madison Park Group

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Charitable giving volume may slow due to passage of the Tax
Cuts and Job Act, but online donations continue to flourish
nevertheless
Consolidators are beginning to integrate their solution portfolios
(e.g. Community Brands has combined auction platforms 501
Auctions, GiveSmart and Gesture into “GiveSmart”)
Payment processing aggregation has been proven as a viable
M&A route and other consolidators are entering the nonprofit
arena to execute this strategy
PE platforms continue to emerge as the sponsor community
increasingly recognizes sector potential; however, it is too early to
determine if new entrants can entice potential targets to transact
Continued interest from vendors in leveraging robust platforms
built on enterprise architecture (e.g. Microsoft, Salesforce) to
challenge industry incumbents
Donor advised funds (DAFs) continue to increase in popularity,
some entrepreneurs are beginning to evaluate software offerings
built around the concept
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In Case You Missed These Transactions Slide
Blackbaud acquired YourCause 11
CSR software
ClearCourse acquired four U.K. solution providers 13
MillerTech/Silverbear/Clear Direct Debit/APT Solutions
Community Brands acquired Groupcall 14
Communications and data analytics for education clients
Community Brands acquired volunteer screening providers 14
AmericanChecked, Shield Screening and U.S. Information Search
EveryAction received growth funding from Insight 16
Nonprofit and political CRM, fundraising and engagement tools
Fullsteam acquired Agilon 18
Donor management platform
MemberClicks acquired assets from UpAbility 22
Learning management software
Naylor raised $72 million in debt from TwinBrook 24
Association revenue and engagement solutions
NeonCRM merged with Rallybound 25
CRM and fundraising software
Pamlico acquired Personify 27
Constituent engagement solutions
Personify acquired a2z 27
Event management software
RKD was acquired by BV Investment Partners 29
Nonprofit fundraising and marketing services
Social Solutions raised $59 million from Ballmer Group 32
Case management for nonprofits and public sector agencies
Togetherwork acquired four Greek software providers 34
Bidlily/Select-A-Sis/Greek Resource Services/ICS
Inside The Industry
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Key Industry Trends

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5.8%
6.4% 6.7% 6.9% 7.1% 7.6%
8.2%
(Est.)
2012A 2013A 2014A 2015A 2016A 2017A 2018E
Emerging Trends
Tax reform may lead to donation headwinds, but online continues to outperform
Sources: Giving USA 2018, The Annual Report on Philanthropy for the Year 2017, Nonprofits Source, Blackbaud Luminate Online Benchmark Reports; Note: Offline and online donation volume not provided by Giving USA; online volume
based on percentages provided by Nonprofits Source; 2018E assumes 10.6% online growth (10.6% equals YTD April 2018 growth per Nonprofits Source); 8.2% of total assumes $34.3bb over midpoint of Baseline and Downside cases
$332.6 $332.5
$357.6 $376.1 $389.6 $410.0
$19.2 $21.2
$24.1
$25.8
$27.8
$31.0
$332.6 $332.5
$357.6
$376.1
$389.6
$410.0
2012A 2013A 2014A 2015A 2016A 2017A 2018E
Est. Offline Est. Online
10.7% 13.5% 13.0% 7.1% 7.9% 10.6%
U.S. Charitable Giving History ($ in billions)
Online Donation Trends
$426.4 (Baseline)
Note: $426.4 billion 2018E baseline projection assumes 4.0% growth per 2018E growth rate provided “Guide to the Philanthropy Outlook Model 2018 & 2019” (February 2018, Marts & Lundy and Indiana University) assuming the Tax
Cuts and Jobs Act was not passed; $409.2 billion downside case assumes a $17.2 billion reduction (4.0%) from the baseline case as outlined in “Charitable Giving and the Tax Cuts and Jobs Act” (June 2018, American Economic Institute)
$409.2 (Downside)
12.1%
Downside case is
primarily attributable to
doubling of the standard
deduction under the Tax
Cuts and Jobs Act, which
discourages taxpayers to
elect itemized reductions
(including charitable
donations)
% of Total Growth Rate

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Emerging Trends
Private equity activity continues to flourish, limited stand-alone strategic activity
• In the first six months of 2018, two major PE
platforms emerged in the nonprofit
software market: Salsa Labs (Accel-KKR) and
FrontStream Payments (Marlin Equity)
• Additional platforms have continued to
emerge in the last six months of 2018,
including Personify (Pamlico), Neon One
(FTV Capital) and EveryAction (Insight)
• While many of these platforms intend to
pursue M&A, it is too early to determine if
these companies can successfully execute
acquisition campaigns
– Personify appears to be an exception, as
the company executed its first add-on
acquisition (a2z, event management
software) within three months of being
acquired by Pamlico
– Prior to receiving PE backing, many of
the platforms had already proven that
they can acquire/integrate smaller
vendors (e.g. Salsa / DonorPro &
GiveZooks, Personify / Wild Apricot &
Small World Labs)
• Additional platforms may emerge in 2019
as incumbent sponsored-backed assets
seek liquidity
• It is unclear if there is critical density of
stand-alone strategic buyers that can digest
+$20 million transactions
Sources: “Nonprofit Organization Software Leaders Combine to Form Neon One” (Business Wire, 9/13/2018); “Personify Enters into Agreement to Receive Strategic Investment from Pamlico Capital”
(Cision PRWeb, 7/26/2018); “EveryAction Receives Growth Investment From Insight Venture Partners” (PR Newswire, 8/21/2018), “Personify Acquires Events Management and Optimization Platform
a2z Inc.” (PRWeb, 11/29/2018)
Note: MPG acted as the exclusive financial advisor to Salsa Labs in its
sale to Accel-KKR

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Emerging Trends
Continued migration to enterprise tech stacks
• Enterprise technology (e.g. Salesforce,
Microsoft) is gaining prevalence in the
nonprofit & association software market
• Smaller vendors are building their platforms
on Microsoft or Salesforce in order to
become competitive in the enterprise market
against industry incumbents
– Opportunity to access a broader ranger of
technologies through app exchanges
– Ability to leverage Microsoft and
Salesforce reporting capabilities
• Salesforce and Microsoft themselves have
aggressively entered the nonprofit space
– In January 2019, Salesforce.org
announced the acquisition of
roundCorner, a Salesforce-based provider
of CRM and grants management
solutions for large nonprofits and
foundations
– In June 2018, Salesforce.org announced
its Nonprofit Cloud, a suite of solutions
spanning program management,
fundraising and donor engagement
– In October 2018, Microsoft and Blackbaud
introduced a nonprofit resource
management suite – this is part of a
broader project called Integrated Cloud
Initiative for Nonprofits
• Leveraging enterprise platform technology
provides a strong IP platform today, but may
present long-term “tech debt” that accrues
to a final sale transaction
Source: National Philanthropic Trust

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Emerging Trends
Donor advised funds (DAFs) are growing and expanding their revenue models
• DAFs are vehicles in which individuals and organizations invest funds
into a third party account; the account administrator then allocates
the funds to charities based on input from its capital contributors
– While donors can make charitable recommendations, DAFs must
review and approve all recommendations; donors ultimately lose
legal control over their assets upon contributing to a DAF
• DAFs yield attractive tax benefits, as contributions to DAFs are
immediately tax deductible
• Additional advantages include low minimum initial contributions, no
tax returns and typically less expensive than foundations
• The use of DAFs continues to grow as donors seek convenient, tax-
advantage ways to donate to their preferred philanthropic causes,
with notable growth in all key metrics (e.g. contribution volume, % of
charitable giving, asset volume)
• Entrepreneurs are beginning to experiment with the DAF structure as
a way to consolidate consumer interest in charitable giving
– Ability to generate revenue through multiple streams (e.g.
banking/fund model, software subscription business, social
network for charities)
Source: Goldman Sachs Private Wealth Management, National Philanthropic Trust
$17.2
$19.9
$21.4
$25.1
$29.2
2013A 2014A 2015A 2016A 2017A
DAF ContributionsOverview of DAFs
7.1% 8.1% 9.2% 10.2%7.9%
Contributions
($ in billions)
Donor
Donor Advised
Fund
(national fund,
community foundation,
religious organization,
university)
Public Charity % of Giving

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Madison Park Group (MPG) actively tracks the nonprofit and association software landscape. The products and features that MPG tracks include:
Market Dynamics
You can send your feedback here and stay up to-date with Madison Park Group here.
Contributors
✓ Advocacy ✓ Auction Management ✓ Case Management ✓ Content Management
✓ CSR ✓ Donor Intelligence ✓ Donor Management ✓ Email Marketing
✓ Event Management ✓ Fund Accounting ✓ Grants Management ✓ Marketing Automation
✓ Member Management ✓ Ministry Management ✓ Mobile Bidding ✓ Online Fundraising
✓ Payment Processing ✓ Social Media Management ✓ Synagogue Management ✓ Volunteer Management
Jonathan Adler Michael Magruder James Tomasullo
Managing Director Managing Director Associate
(201) 503-0339 (212) 776-1984 (212) 776-1986
jadler@madisonparkgrp.com mmagruder@madisonparkgrp.com jtomasullo@madisonparkgrp.com
Inclusion Criteria
Companies Profiled

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ASI
• In July 2018, ASI announced the addition of AMPAC Systems to its Authorized iMIS Solution
Providers (AiSP) channel network
– AMPAC provides association management systems to +600 clients across the U.S. and Canada
– Through the partnership, AMPAC will continue to offer its proprietary products as well as iMIS
offerings that integrate AMPAC’s appointment scheduling, application/awards submission and
abstract/call-for-papers capabilities
– ASI CEO Bob Alves commented: "We are excited to partner with AMPAC Systems. Their deep
association experience is exactly what we look for in new partners. By working with us they can
leverage our proven iMIS platform, along with their experience, to deliver an exceptional
solution.”
• In August 2018, ASI announced that it renewed its membership with the Australasian Society of
Association Executives (AuSAE)
– AuSAE is a professional society comprised of +10,000 association executives across New
Zealand and Australia
– Paul Ramsbottom, Managing Director of ASI Asia-Pacific, commented: “ASI is pleased to support
AuSAE's work in New Zealand and Australia. AuSAE has been a true partner with us. They have
graciously invited us into their community as a trusted advisor for association best practices.
We've been so pleased to be a part of the stellar programs they provide to their members and
we look forward to helping them continue to strengthen the sector."
Enterprise Value (EV): n/a
LTM Revenue: n/a
LTM EBITDA: n/a
EV / LTM Revenue: n/a
EV / LTM EBITDA: n/a
Net Debt (Cash): n/a
Dry Powder: n/a
Acquisitions Since 2010 6
Ownership Status: PE-Backed (Bregal Sagemount)
Headquarters: Alexandria, VA
No M&A Activity in H2 2018
Funding/Transaction History(a)
Date Lead Investor Amount
May-2017 $26.0 million
Jul-2016 $26.5 million
• The company did not execute a transaction in H2 2018
• The company’s last transaction was the June 2017 acquisition of Internet Vision Technologies, a
provider of association management software for the Australian market
(a) Source: Pitchbook
($ in millions)
Business Overview
New Partnerships
Focus on Partnership Expansion

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Benevity
• In August 2018, Benevity announced the expansion of its international product Benevity OneWorld
– The product expansion is geared towards helping German-based companies engage volunteers
and drive tax-advantaged giving
• Benevity added German language support and client services as well as four new currencies to the
platform: Philippine Piso, South African Rand, Japanese Yen and Singapore Dollar
• The product is now available and 17 languages and supports almost 2 million global nonprofits
Investing in Product and Leadership Team
Global-Focused Product Expansion
• Benevity’s last transaction was the March 2018 acquisition of Versaic, a provider of grants, donation
and scholarship management software
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (General Atlantic)
Headquarters: Calgary, Canada
($ in millions)
Business Overview
Jan-2018 n/a
Jul-2015 C$38.0 million
• In October 2018, Benevity announced that Kelly Schmitt will join the company as CFO on February
19, 2019 after her parental leave
• Ms. Schmitt was previously CFO of Solium Capital (equity compensation administration software)
and SMART Technologies (smart board technology)
• Bryan de Lottinville, Benevity Founder and CEO, commented:
– “We are thrilled to be welcoming Kelly to the Benevity executive team. Having worked with and
helped build some of Calgary’s fastest growing tech companies, Kelly brings a strong track
record of leading dynamic businesses through critical milestones with a wealth of experience,
talent and passion for developing high performance teams. We know that she will be
instrumental in helping Benevity execute on its ambitious growth plans and, equally importantly,
deliver on our social mission to infuse the world with a culture of Goodness.”
New CFO in the Wings

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Blackbaud
• Q4 highlights:
– GAAP revenue grew 1.8% YoY to $221.2 million; $199.9 million in GAAP recurring revenue
– $14.7 million GAAP operating income, a 6.6% margin with a 260 basis point decrease YoY
• CY2018 highlights:
– GAAP revenue grew 7.6% YoY to $848.6 million; $762.2 million in GAAP recurring revenue
– $59.4 million GAAP operating income, a 7.0% margin with a 160 basis point decrease YoY
• The Company continues to focus on shifting its revenue mix to recurring revenue while investing in
its sales & marketing efforts in CY2019
• The Company announced 2019 financial guidance:
– $880-$910 million non-GAAP revenue
– 16.7%-17.2% non-GAAP operating margin
– $2.11-$2.28 non-GAAP diluted EPS
– $124-$134 million non-GAAP free cash flow
Expanding Product Footprint Goes International
Q4 2018 Earnings Announcement(b)
Enterprise Value (EV): $4,036.9
LTM Revenue: $848.6
LTM EBITDA: $144.5
EV / LTM Revenue: 4.76x
EV / LTM EBITDA: 27.9x
Net Debt (Cash): $356.2
Dry Powder(a): $1,523.2
Ownership Status: Public (NAS: BLKB)
Headquarters: Charleston, SC
($ in millions)
Business Overview
Trailing 12 Month Performance(c)
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Blackbaud NASDAQ
(5.3%)
(33.3%)
• In early January 2019, Blackbaud announced a $157 million acquisition of YourCause
• The transaction represents a quick exit for Providence Strategic Growth, which invested in the CSR
and employee engagement software vendor in March 2017
• Blackbaud President Mike Gianoni commented:
– “We understand that business success today is more than finances; it’s also critical to engage on
social issues. In a time where 84 percent of Americans believe businesses shoulder a
responsibility to bring social change, providing those businesses with the right tools not only
helps attract and retain customers and employees, but it helps to build a better world.”
Blackbaud Starts 2019 With Large CSR Acquisition
(a) Dry powder defined as cash + available debt capacity + available stock; debt capacity defined as greater of 5.0x LTM EBITDA or 150% of recurring revenue less outstanding debt; available stock represents 20% of outstanding market capitalization
(b) Source: “Blackbaud Announces 2018 Fourth Quarter and Full Year Results” (PRNewswire, 2/6/2019)
(c) Source: CapIQ (Market data as of 12/31/2018)

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Classy
• Classy had a record Giving Tuesday
– Platform raised $15.4 million for nonprofits (48.7% increase over last year)(a)
– 2K organizations participated (22.6% increase over last year)(a)
– 15K donations with an average gift size of $114 (40.6% increase over last year’s donation
count)(a)
– 127K donors (37.4% increase over last year)(a)
Continued Focus on Organic Execution
Successful Giving Tuesday
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Acquisitions Since 2010 n/a
Ownership Status: PE-Backed (JMI Equity)
Headquarters: San Diego, CA
($ in millions)
Business Overview
Funding/Transaction History(b)
Apr-2018 $10.0 million (debt)
Sep-2016 $30.0 million
Jun-2015 $15.0 million
Jan-2013 $1.7 million
Oct-2011 Individuals $1.5 million
(a) “INFOGRAPHIC: Giving Tuesday 2018 Makes Philanthropic History” (Classy, 11/29/2018)
(b) Source: Pitchbook
No M&A Activity to Date

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ClearCourse Partnership
• In November 2018, Aquiline Capital Partners announced the creation of ClearCourse Partnership as
a platform
– ClearCourse’s goal is to acquire UK-based group and event management software companies
while driving growth and profitability through payments monetization
– The creation of ClearCourse follows (i) Aquiline’s sale of Togetherwork to GI Partners in March
2018 and (ii) its creation of the Fullsteam software/payments platform in May 2018
• ClearCourse’s first transaction was the November 2018 acquisition of MillerTech, a provider of a
membership/CRM product called Merlin CRM as well as two third party CRM products (CiviCRM
and PolicyCRM)
– MillerTech also provides CRM & IT consulting services as well as website development, training
and data migration services
– Gerry Gualtieri, CEO of ClearCourse, commented: “The acquisition of MillerTech is a significant
step in building the ClearCourse platform and furthers our aim of bringing together the best-in-
class membership management and payments software solutions in the UK and providing them
with the resources and support they need for continued growth.”
• ClearCourse announced three more U.K.-based acquisitions in 2019:
– APT Solutions (February): Membership and CRM solutions for trade unions, sporting bodies and
charities
– Silverbear (January): Membership and CRM solutions built on Microsoft Dynamics 365
– Clear Direct Debit (January): Direct debt processing services for the membership & association
markets
Emergence of an International Software/Payments Platform
Platform Creation in Review
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Aquiline Capital)
Headquarters: London, U.K.
($ in millions)
Business Overview
Nov-2018 n/a (platform creation)

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Community Brands
• In January 2019, Community Brands announced the acquisitions of three background screening
solution providers: AmericanChecked, Shield Screening and U.S. Information Search
– The volunteer screening capabilities are complementary to Community Brands’ existing
volunteer management capabilities
– This marks the third time Community Brands announced three simultaneous acquisitions
(previously Abila / Aptify / YourMembership and Gesture / GiveSmart / 501 Auctions)
• In September 2018, Community Brands announced the acquisition of Groupcall, a provider of
communications and data analytics solutions for education clients
– Groupcall is implemented in +20,0000 schools; customer segments span schools, multi-
academy trusts, local authorities and education software developers(b)
– Groupcall is headquartered in London and has approximately 70 employees(b)
Rebalancing a Mixed Organic/Inorganic Growth Model
Acquisitions in Volunteer Screening and Education
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Insight)
Headquarters: St. Petersburg, FL
($ in millions)
Business Overview
Acquisitions(a)
Company Date Company Date
AMS Vendors Auction/Event Management
Apr-2017 Dec-2017
Apr-2017 Aug-2017
Apr-2017 Jun-2018
Apr-2017 Dec-2017
Education Dec-2017
Sep-2018 Background Screening
Jan-2019
Jan-2019
Jan-2019
(a) Source: Pitchbook, Press Releases
(b) Source: “Community Brands Closes Acquisition of Education Technology Company Groupcall” (PR Newswire, 9/25/2018)
Product Expansions
Product Partnerships
• August: Announced a payment processing partnership with FirstData
• July: Announced a partnership with Visibility Software for talent recruiting
• Community Brands announced multiple product expansions in H2 2018
– December: Deeper career center/learning management system integration for associations
– November: Customized portals and microsites within Nimble AMS
– October: Made SchoolCommunity available to private and independent K-12 schools
– August: Enterprise initiative for an end-to-end association software suite (Project FIRE);
combined 501 Auctions, Gesture and GiveSmart mobile bidding platforms into a single platform
known as GiveSmart

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CyberGrants
• In December 2018, CyberGrants announced a record breaking GivingTuesday
– 17% growth over 2017(a)
– 15% increase in client participation(a)
– 36% increase in employees that donated(a)
– 28% increase in benefited organizations(a)
• Peter Karns, CyberGrants SVP Operations, commented:
– “Giving Tuesday is always our busiest day of the year and this year our clients took it to a whole
new level. We saw another year of record giving, employee participation, and non-profit
organizations benefiting. Our team always goes the distance to ensure we’re prepared for the
surge in generosity, and I’m thrilled with our ability to scale up our operations to support our
clients and their non-profit partners.”
Continued Traction in Corporate Giving
Record Breaking Giving Tuesday
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Waud Capital)
Headquarters: Andover, MA
($ in millions)
Business Overview
(a) “CyberGrants Announces Record Breaking Giving Tuesday” (CyberGrants, 12/3/2018),
• CyberGrant’s last transaction was the May 2016 acquisition of JK Group, a provider of employee
giving, volunteering and engagement solutions

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EveryAction
• In August 2018, EveryAction announced a growth investment from Insight Venture Partners
– EveryAction provides nonprofits with CRM, fundraising and marketing solutions
• The funding will be used to drive growth both organically and through acquisitions
• Insight is also an investor in Community Brands; however, PR indicates that Insight intends to keep
EveryAction as a separate investment
• CEO Stu Trevelyan commented:
– "Having the opportunity to work with the investors and resources that Insight Venture Partners
provides is a testament to the great product the team built, enabling us to use this investment
to help our clients do more good. Our product empowers our clients to run truly multi-channel,
multi-objective programs, without painful data silos, and we're excited to continue to innovate
on behalf of our clients."
Scaled Vendor Receives Funding from Tier 1 Investor
A Financing in Review
LTM Revenue: $28.9 (2016)(a)
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Insight)
Headquarters: Washington, D.C.
($ in millions)
Business Overview
No Acquisition Activity in H2 2018
(a) Source: Inc. 5000
Aug-2018 Undisclosed
• The company did not execute an acquisition in H2 2018
• The company’s last transaction was the November 2013 acquisition of NationalField, a provider of
online organizing networks and data reporting & dashboard solutions for campaigns

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FrontStream
• FrontStream conducted an analysis of giving trends through its Panorama fundraising platform
– Average 2017 employee contribution was $574
– Top categories for receiving donations in 2016 and 2017 were (i) Human Services - 17%, (ii)
Educational Institutions - 15%, (iii) Philanthropy, Volunteerism and Grantmaking - 14%, (iv)
Disease, Disorders and Medical Disciplines - 8% and (v) Health - 7%
Capitalizing on Market Tailwinds
Market Research Shows Continued Online Fundraising Momentum
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Marlin Equity)
Headquarters: Cambridge, MA
($ in millions)
Business Overview
May-2018 n/a (buyout)
Jun-2015 $12.5 million (debt)
Aug-2013 Undisclosed
Mar-2010 Undisclosed
Feb-2010 $13.1 million
Apr-2008 $16.0 million
Dec-2007 $0.2 million
• FrontStream’s last transaction was the July 2015 acquisition of BiddingForGood, a provider of
auction fundraising software for schools and nonprofits

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Fullsteam
• Following Aquiline’s March 2018 exit of group management software & payments platform
Togetherwork to GI Partners, Aquiline has created another similar consolidation platform
• To date, Fullsteam has announced eight transactions, including the August 2018 acquisition of
Agilon, a donor management platform for higher education, healthcare and other nonprofit
organizations
• Agilon’s software has processed +$12 billion in donations from +8 million donors since 2005(b)
• Fullsteam CEO Michael Lawler commented on the Agilon transaction:
– “We’re thrilled to bring Agilon on board at Fullsteam and look forward to enhancing a great
company through our planned strategic initiatives.”
• Fullsteam’s other acquisitions are:
– Maxanet (February 2019): Online auction software
– Storage Commander (January 2019): Self-storage software
– HoldMyTicket (December 2018): Event ticketing software
– BridalLive (December 2018): Bridal shop software
– Event Rental Systems (September 2018): Event rental software
– DOMICO (August 2018): Self-storage management software
– Rental Management Inc. (May 2018): Equipment rental management software
Entrance of Another Payments and Software Platform
Another Aquiline Software/Payments Consolidation Play
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Aquiline Capital)
Headquarters: Auburn, AL
($ in millions)
Business Overview
May-2018 n/a (platform creation)
(b) Source: “Fullsteam Acquires Donor Management Software Company Agilon” (Fullsteam, 9/26/2018)

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Global Payments
• $3.4 billion in CY2018 GAAP revenue with 31.7% adjusted operating margins; $4.0 billion in non-
GAAP adjusted net revenue plus network fees
• $880.6 million in Q4 2018 GAAP revenue with 31.6% adjusted operating margins; $1.0 billion in
non-GAAP adjusted net revenue plus network fees
• 2019 guidance
– $4.4-$4.5 billion in non-GAAP adjusted net revenue plus network fees
– Adjusted operating margin expansion of up to 70 basis points
Aggregation of Payments via Software Purchases
Q4 2018 Earnings Announcement(b)
Enterprise Value (EV): $23,392.1
LTM Revenue: $3,366.4
LTM EBITDA: $1,259.9
EV / LTM Revenue: 6.95x
EV / LTM EBITDA: 18.6x
Net Debt (Cash): $4,619.8
Dry Powder(a): $5,395.2
Ownership Status: Public (NYS: GPN)
Headquarters: Atlanta, GA
($ in millions)
Business Overview
Trailing 12 Month Performance(c)
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Global Payments NASDAQ
3.6%
(5.3%)
• Although Global Payments did not execute a nonprofit/group focused acquisition in H2 2018, the
company is continuing its vertical-focused acquisition spree
• In September, the company announced the $415 million acquisition of SICOM Systems, a provider
of restaurant management software previously backed by LLR Partners
• Global Payments CEO Jeff Sloan commented:
– “The acquisition of SICOM aligns perfectly with our software-driven payments strategy and
establishes Global Payments as a leader in one of the largest addressable markets we serve
today. SICOM’s technologies are highly complementary to our existing Xenial solutions, with the
combination providing Global Payments’ market-leading technology solutions across the
entirety of the restaurant vertical market. The transaction also allows us to expand our owned
software solutions into food service management, a large addressable market globally with
attractive fundamentals, while further accelerating our business mix toward technology
enablement.”
Continued Execution of Vertical-Focused Acquisitions
(a) Dry powder defined as cash + available debt capacity + available stock; debt capacity defined as
greater of 5.0x LTM EBITDA or 150% of recurring revenue less outstanding debt; available stock
represents 20% of outstanding market capitalization
(b) Source: Global Payments Q4 2018 press release (2/13/2019)
(c) Source: CapIQ (Market data as of 12/31/2018)
• In August, the company announced that President and COO David Mangum will be leaving the
company, but did not specify a timeframe nor reason for leaving
• CEO Jeff Sloan and CFO Cameron Bready have extended their agreements through August 2021
Leadership Change

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Higher Logic
• In August 2018, Higher Logic announced the appointment of Kevin Boyce as CEO and a member of
the board
– Mr. Boyce was previously the COO of higher education software provider Ellucian; JMI was
previously invested in Ellucian before exiting to TPG Capital and Leonard Green Partners in 2015
– Former CEO and co-founder Rob Wenger will become executive chairman
• In July 2018, Higher Logic hired Richard Henderson as Chief Revenue Officer and promoted
Heather McNair to Chief Community Officer
– Mr. Henderson was previously the CRO for STATS LLC, a sports data and technology firm; he
also served in a series of leadership roles at CEB, a research firm acquired by Gartner
– Mr. Henderson will focus on expanding the company’s global sales team and revamping client
success
– Ms. McNair will focus on redefining the company’s client success model
Building a Holistic Community Engagement Platform
Leadership Changes
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (JMI)
Headquarters: Arlington, VA
($ in millions)
Business Overview
Jun-2018
$85.0 million (dividend
recap)
Jan-2017 Undisclosed Undisclosed (debt)
• The company’s last transaction was the October 2017 acquisitions of Informz and Real Magnet, two
marketing automation vendors for associations
Note: Madison Park Group acted as the exclusive financial advisor to Informz in its sale to Higher Logic

21
Infogroup
• In August 2018, Infogroup announced the appointment of Tony Marlow as Chief Marketing Officer
– Mr. Marlow was previously a vice president of B2B Marketing for Yahoo and Oath; before Yahoo
Marlow lead the custom division for Nielsen Online APAC
– Mr. Marlow commented: "I'm thrilled to join Infogroup as CMO at such an exciting juncture. This
is a period of supercharged innovation for big data and augmented business intelligence.
Infogroup’s leadership in these areas is inspiring and I look forward to ensuring that our data-
driven technologies continue to drive high-impact marketing success for our partners.”
• In July 2018, Infogroup announced the appointment of Andrew Blood as head of the company’s
Enterprise Data Solutions division
– Mr. Bloom previously held executive roles with Sizmek (buy-side advertising platform), Spot
Runner (advertising technology), Getty Images (visual media) and The Accelerator Group (New
York technology incubator)
– Michael Iaccarino, chairman and CEO of Infogroup, commented: “The addition of Andrew Bloom
will strengthen our growing roster of digital leadership at Infogroup. Andrew’s extensive
knowledge in digital marketing, combined with a strong sales background, will be a valuable
asset to further the company’s continued transformation."
Enhanced Data-as-a-Service Solutions
Leadership Changes
LTM Revenue: +$300.0(a)
LTM EBITDA: +$60.0(a)
Dry Powder: n/a
Ownership Status: PE-Backed (Court Square)
Headquarters: Papillion, NE
($ in millions)
Business Overview
Sep-2017 $20.4 million (debt)
Apr-2017 $600.0 million (buyout)
May-2011
$410 million (dividend
recap)
Jul-2010 $463.2 million (buyout)
Feb-1992 Undisclosed IPO
(a) Source: “Moody’s Assigns a B2 CFR to Infogroup, Rates Proposed Financing” (Moody’s, 3/10/2017)
• The company’s last transaction was the November 2014 acquisition of Specialized Fundraising
Services, a nonprofit fundraising and marketing services business
Lawsuit Victory
• In August 2018, a jury awarded Infogroup $53.6 million and found Vinod Gupta, Database 101
(DB101) and its various divisions in violation of copyright infringement
• The case established a legal precedent for copyright protection of Infogroup’s database

22
MemberClicks
• In November 2018, MemberClicks announced the acquisition of a learning management software
solution from UpAbility
• The product acquisition augments MemberClicks’ ability to service education-centric associations
with new technology offerings
• Mark Sedgley, CEO of MemberClicks, commented:
– “Through the acquisition of UpAbility, we are excited to further our mission to serve small and
mid-sized associations and chambers in fulfilling their own mission and extend their reach to
non-members within their industries. Many LMS solutions available today are cost prohibitive
for small associations and chambers. We’re thrilled to be positioned to develop an intuitive,
robust and affordable LMS for those looking to boost their educational presence in a rapidly
evolving virtual environment.”
Pulling All Growth Levers
A Small Product Acquisition
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Level Equity)
Headquarters: Atlanta, GA
($ in millions)
Business Overview
Feb-2017 Undisclosed • In July 2018, MemberClicks announced an extension in its payment processing partnership with
PayScape, a relationship that has lasted for over ten years
• MemberClicks CEO Mark Sedgley commented:
– “At MemberClicks, our goal is to empower associations to thrive. Our partnership with Payscape
is an awesome opportunity to do just that. We are excited to deepen our relationship with
Payscape as we work together to move associations into the future.”
Partnership Expansion
• In September 2018, MemberClicks announced the opening of new office space in Carmel, IN
• The new office complements the company’s existing locations in Atlanta and Vancouver
• The Indiana location will support the company’s growth plans as it seeks to hire talent in the area
and tap Indiana’s potential customer base
Geographic Expansion

23
MultiView
• In November 2018, MultiView held its Association Data Symposium at the Embassy Suites in
Alexandria, VA
• The event brought together membership, marketing and technology executives at an event which
focused on the impact data has on association operations
• Scott Bedford, MultiView CEO, commented:
– “Today, there’s a large shift in the way associations operate – and data is a huge part of that
shift. To truly be successful, every association should have a data-driven mindset. No longer
can organizations create value based on what they think their members want or need. They
must take advantage of data to drive decisions or risk becoming irrelevant to members and
the industries they serve. It’s our hope that this symposium hones in on that mindset shift and
attendees take with them some great ideas on how to improve their data.”
A Once Quiet Behemoth Engages the Association Market
Hosting a Hallmark Data Symposium
LTM Revenue: $115.0 (2015)(a)
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Warburg Pincus)
Headquarters: Irving, TX
($ in millions)
Business Overview
Jun-2008 $52.0 million (buyout)
(a) Source: “Irving B2B marketing company on how it's grown to a $115M firm” (Dallas Business Journal, 9/1/2016)
• The company’s last transaction was the July 2011 acquisition of Content Management Corporation
(CMC), a seminar/webinar film services provider

24
Naylor Association Solutions
• Naylor has announced multiple product enhancements and integrations in H2 2018:
– December 2018: Integration between transaction data from Naylor’s AMS offerings and Intuit
QuickBooks
– September 2018: Integration between Naylor’s online career centers and AMS solutions with
online surveys from SurveyMonkey
– September 2018: Partnership with MailChimp to offer email marketing and marketing
automation integrations with Naylor’s AMS and career center solutions
– August 2018: Launched a programmatic advertising network to help associations in their
member engagement and revenue generation efforts
Expanding Product Footprint via M&A and Partnerships
Product Enhancements and Integrations
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (RLJ Equity Partners)
Headquarters: McLean, VA
($ in millions)
Business Overview
Dec-2018 $72.0 million (debt)
Jul-2015 Undisclosed
Dec-2013 Undisclosed (buyout)
Jun-2012 $48.6 million (debt)
Aug-2005 Undisclosed (buyout)
• The company’s last transaction was the February 2018 acquisition of Health eCareers’ nursing,
allied and administrative practice
(a) Source: Pitchbook, TwinBrook Capital Partners website
• Naylor raised $72.0 million in debt from Twin Brook Capital Partners in December 2018
• No accompanying PR with the transaction
Silent Debt Raise

25
Neon One
• In September 2018, NeonCRM (nonprofit CRM software) and Rallybound (online & mobile
fundraising) merged to form Neon One
• The two companies have helped nonprofits raise ~$9 billion to date(a)
• The merger was financed by FTV Capital and Blue Star Innovation Partners
– FTV focuses on enterprise software, payments, fintech and financial services transactions
– Blue Star Innovation Partners is an investment firm managed by the Jones Family, the owners of
the Dallas Cowboys
– The Jones family is also an investor in Stack Sports (formerly Blue Star Sports), a sports
management platform backed by Genstar Capital that has executed +25 acquisitions
• NeonCRM Jeff Gordy commented:
– “Our growing client base of over 3,000 unique nonprofits continues to reinforce for us the
mission critical nature of easy-to-use, affordable, modern nonprofit software. Bringing together
the differentiated offerings and talent of NeonCRM and Rallybound is a key step in helping to
fulfill our vision of helping more great people do amazing things.”
• Michael Farb will lead the combined entity as CEO and Robert Wechsler will join as chairman
– Mr. Farb and Mr. Wechsler both held leadership positions at Stack Sports
– Mr. Gordy and Shmuli Pinson, Rallybound’s co-founder, will stay on to lead their respective
organizations under the Neon One umbrella
A New Player Emerges Through a Sponsor-Backed Merger
A Merger in Review
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Acquisitions Since 2010 1 (Merger)
Ownership Status: PE-Backed (FTV Capital)
Headquarters: Chicago, IL
($ in millions)
Business Overview
Sep-2018 Undisclosed (merger)
(a) Sources: “Nonprofit Organization Software Leaders Combine to Form Neon One” (Business Wire, 9/13/2018)

26
Network for Good
• The company is renowned for providing simple, intuitive functionality to lower mid-market
nonprofits
Leadership in the Lower End of the Market
Acute Focus on Small Nonprofits
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Camden Partners)
Headquarters: Washington, D.C.
($ in millions)
Business Overview
Jun-2018 Undisclosed
• The company’s last transaction was the March 2016 acquisition of DonorPath, a tech-enabled
fundraising services provider

27
Personify
• Following Pamlico’s September 2018 acquisition of Personify, the company has executed its first
add-on transaction under Pamlico’s ownership through the acquisition of a2z in November 2018
• a2z provides an events management and optimization platform for event planners and show
organizers; the acquisition broadens Personify’s suite of constituent engagement and collaboration
solutions
• a2z services +400 customers, many of which are existing Personify clients(a)
• Eric Thurston, Personify’s CEO, commented:
– “I am delighted to have a2z join the Personify family and provide our clients with a more
integrated experience. The combination of Personify and a2z events provides an unrivaled set of
solutions for delivering value across channels - making every interaction matter.”
• The company had previously acquired Wild Apricot (membership management software, 2017) and
Small World Labs (online community and collaboration platform, 2015) under Rubicon Technology
Partners’ ownership
Early Signs of M&A Platform Success
First Add-On Acquisition for Pamlico
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Pamlico)
Headquarters: Austin, TX
($ in millions)
Business Overview
Sep-2018 Undisclosed
Dec-2013 Undisclosed
(a) Source: “Personify Acquires Events Management and Optimization Platform a2z Inc.” (PRWeb 11/29/2018)
• In August 2018, Personify announced a new functionality called the Tours engine
• The new feature is a content curation and delivery tool that provides targeted content for unique
member experiences; example content includes training and resources for member onboarding
• The announcement comes amidst Personify’s efforts to build a holistic constituent management
platform
• CEO Eric Thurston commented:
– “When associations and nonprofits deliver personalized experiences to their constituents, this
provides a great opportunity to stand out in a cluttered marketplace. Scaling an organization’s
mission requires digital strategies aligned with and focused on both reach and engagement.
The Tours engine delivers those tailored interactions across each member’s unique journey,
creating experiences that resonate across generations.”
Product Enhancement

28
Pursuant
• Pursuant did not release PR on strategic initiatives in H2 2018, although the company made a
series of strategic hires in 2017 to expand its technology offerings
• Pursuant’s leverages software and analytics products in conjunction with its fundraising and
marketing services practice, including Prospector (donor prospect identification and wealth
screening for lead generation) and SmartDATA (fundraising data optimization)
Fundraising Services Vendor Stays Quiet
Increasing Focus on Technology
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: Private
Headquarters: Dallas, TX
($ in millions)
Business Overview
• The company’s last transaction was the January 2017 acquisition of TouchPoint Software, a
provider of church management software

29
RKD Group
• In January 2019, BV Investment Partners announced that it had acquired a majority stake in RKD
Group, a provider of fundraising and marketing services for nonprofit organizations
• The transaction represents the end of a nearly eight-year holding period by Brook Venture Partners
• RKD group services +260 non-profit organizations across multiple subsegments, including social
services, health, disease research, animal welfare and faith-based(b)
– There are over 220,000 addressable U.S. nonprofit clients in the market(b)
• Mike Ricciardelli, a managing director at BV, commented:(b)
– “RKD’s fundraising services produce the ‘lifeblood’ of most nonprofit organizations – namely,
individual donations. Their robust direct response offering, across digital and non-digital media,
is supported by specialized in-house data analytics, strategic planning, donor segmentation,
creative services, and customized reporting and insights. Additionally, the company is
developing new software-based products that will further help nonprofit organizations better
manage their fundraising and engagement with donors and members.”
Nonprofit Fundraising Service Provider Changes PE Hands
An Acquisition in Review
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (BV Investment Partners)
Headquarters: Richardson, TX
($ in millions)
Business Overview
Jan-2019 Undisclosed
Oct-2015 Undisclosed (debt)
Jul-2011 Undisclosed
(b) Source: “BV Investment Partners Announces Investment in RKD Group, LLC” (PRNewswire, 1/30/2019
• RKD Group did not execute an acquisition in H2 2018
• The company’s last transaction was the October 2015 acquisition of Alpha Dog, a fundraising and
marketing services provider for nonprofits
No Acquisition Activity in H2 2018
• While at its core a marketing and fundraising services business, RKD possesses proprietary
technology products that support its service lines
– The Grid: Online fundraising software that segments and targets web visitors
– RKD One: Email marketing solution with an ability to accept online donations
Driving Efficiencies Through Software

30
Salesforce.org
• In January 2019, Salesforce.org announced the acquisition of roundCorner, a Salesforce-based
provider of enterprise CRM and grants management solutions for nonprofits and foundations
• roundCorner and Salesforce have an integrated history:
– roundCorner was the first North American Salesforce.org Platinum App Partner for nonprofits
– Salesforce Ventures had previously led a $4.3 million Series A in roundCorner in 2013(a)
• Rob Acker, CEO of Salesforce.org, commented:
– "Through our technology, industry expertise and employee volunteerism, Salesforce.org is
dedicated to empowering the social good sector. Together, Salesforce.org and roundCorner will
further power our community of customers with solutions to advance their missions."
Consolidating Other Salesforce Assets
Acquisition in Review
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: Subsidiary (Salesforce)
Headquarters: San Francisco, CA
($ in millions)
Business Overview
Building the Nonprofit Cloud
• In June 2018, Salesforce.org announced its Nonprofit Cloud, a suite of program management,
fundraising and donor engagement tools for nonprofits
– The product is coupled with Salesforce Einstein capabilities which bring AI-powered analytics to
the nonprofit suite
– Additional new features including Lightning Batch Gift Entry (gift data entry) and Data Storage
Optimizer (data archiving and storage)
• Salesforce.org CEO Rob Acker commented:
– “People are getting involved with causes at an unprecedented rate and the demand for
nonprofit programs and services is only going up. That's why we’re delivering Nonprofit Cloud,
to provide a new set of solutions to uniquely enable nonprofits to accelerate their impact, and
connect to their constituents in a whole new way.”

31
Salsa Labs
• Salsa Labs recently announced an integration between its Engage product and Salesforce
• The integration enables Salsa to enhance its fundraising, digital marketing, advocacy and peer to
peer capabilities through streamlining data access between constituent profiles in Salesforce and
Salsa’s platform
• The integration will drive better insights into each donor’s giving cycle and allow for targeted
messaging for donor engagement
Plugging Into Enterprise-Grade Technology
Salesforce Integration
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Accel-KKR)
Headquarters: Bethesda, MD
($ in millions)
Business Overview
Apr-2018 Undisclosed (buyout)
Aug-2013 $2.0 million (debt)
Aug-2011 $5.0 million
• The company’s last M&A transaction was the November 2015 acquisition of DonorPro, a donor
management platform
Note: Madison Park Group acted as the exclusive financial advisor to Salsa Labs in its sale to Accel-KKR

32
Social Solutions
• In August 2018, Social Solutions announced that it had received a $59 million investment from the
Ballmer Group
– The Ballmer Group is co-led by Connie and Steve Ballmer – Steve was the former CEO of
Microsoft
• At the time of the transaction, the company had 240 employees (210 in Austin, 30 remote) and set
a goal of adding 25-50 new hires by the end of 2018(a)
– As of December 31, 2018, the company had 289 employees(b)
• Ballmer Group has a history of philanthropic giving, donating to causes such as youth development
and workforce training
• Kristin Nimsger, CEO of Social Solutions, commented:
– “In the course of our conversations, it became clear that we shared a vision in using technology
to tackle social ills. Ballmer was particularly interested in collecting data from many touchpoints
to provide predictive analytics and using data from all interactions to demonstrate impact.”
• The $59 million investment will be divided into two separate portions over five years
– Half will be used for product development, augmenting the software’s data science capabilities
and making new hires
– Half will be a matching grant to make the software affordable to clients
Fresh Capital Infusion to Drive Growth and Software Affordability
A Financing in Review
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (Vista, Ballmer Group)
Headquarters: Baltimore, MD
($ in millions)
Business Overview
Funding/Transaction History(c)
Apr-2016 Undisclosed (debt)
Jul-2014 Undisclosed (buyout)
Mar-2010 $2.5 million
• The company’s last M&A transaction was the June 2015 acquisition of Community TechKnowledge,
a provider of outcomes management and reporting software
(a) “How an Austin software company got $59 million from longtime Microsoft CEO” (Social Solutions, August 2018)
(b) Source: LinkedIn
(c) Source: PitchBook

33
SofterWare
• SofterWare was recognized in the Inc 5000 for its 10th consecutive year, touting a 67% three-year
growth rate(b)
• The accolade places SofterWare in the top 0.05% of companies that have made the list ten times
• CEO Doug Schoenberg commented:
– “Our team’s commitment to our clients and developing products that are effective and easy to
use, and SofterWare’s commitment to hiring the best people and giving them the resources to
succeed, are the reasons we’ve achieved this success. We are grateful to be recognized as a
leader for ten straight years!”
Growth Continues to Gain Traction
Market Leading Growth Recognized 10th Time by Inc
LTM Revenue: $64.2 (2017)(a)
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: Private
Headquarters: Fort Washington, PA
($ in millions)
Business Overview
(a) Source: Inc 5000
(b) “SofterWare Ranks Among Top 0.05% Of Fastest Growing Private Companies In the U.S.” (SofterWare, 8/28/2018)
• SofterWare’s last transaction was the October 2016 acquisition of ReadySetAuction, a provider of
cloud-based auction management solutions

34
Togetherwork
• Following its acquisition by GI Partners in March 2018, Togetherwork continues to acquire group
management software vendors in niche verticals with a goal of monetizing payments volume
• In November, the company simultaneously announced the acquisition of four vendors that service
Greek organizations:
– Bidlily: Chapter recruitment for sororities
– Select-A-Sis: Chapter recruitment for sororities
– Greek Resource Services: Accounting services for fraternities and sororities
– ICS: Recruitment software for Panhellenic Councils
• Neil Platt, Togetherwork’s CEO, commented:
– “We anticipate robust sales results across all of OmegaFi’s service offerings, as both sororities
and fraternities continue to recognize the value in both the scale and breadth that OmegaFi
brings to the market.”
• In October, the company also announced the acquisition of DanceStudio-Pro, a provider of dance
studio software
• Neil Platt commented on the DanceStudio-Pro transaction:
– “DanceStudio-Pro is a terrific example, of a company that was successfully bootstrapped by
entrepreneurs, but is now poised for more rapid growth with the assistance that Togetherwork
provides. I am very happy to have the DanceStudio-Pro team in the Togetherwork family.”
Consolidator Continues Aggressive M&A Campaign Under GI
Aggressive Acquisition Efforts
LTM Revenue: n/a
LTM EBITDA: n/a
Dry Powder: n/a
Ownership Status: PE-Backed (GI Partners)
Headquarters: Brooklyn, NY
($ in millions)
Business Overview
Mar-2018 Undisclosed (buyout)
Sep-2017 $11.3 million (debt)
Sep-2016
Undisclosed (platform
announcement)
Dec-2015
Undisclosed (OmegaFi
acquired)

36
Priority Acquirers & Notable Deals
ASI
Blackbaud
CyberGrants
Sources: Capital IQ, Public Filings, Press Releases, PitchBook, Proprietary Madison Park Research
Note: All EBITDA Multiples >30x are considered not to be meaningful as valuation of business clearly influenced by factors other than profitability.
(a) Revenue estimates based on annualized revenue contribution in fiscal year companies were acquired
FrontStream
Community Brands
Global Payments
Higher Logic
Infogroup
MemberClicks
Naylor
EveryAction
Pursuant
RKD Group
Personify
Salsa Labs
Social Solutions
SofterWare
Togetherwork
Others
Benevity
MultiView
Network for Good
Fullsteam
Neon One
Salesforce.org
ClearCourse
($ in Millions) Target Overview Transaction Summary
LTM Deal Consideration (%) Deal Value / LTM
Announced Target Description Revenue EBITDA Value Cash Stock Revenue EBITDA
ASI Total Disclosed M&A Deal Value: n/a
6/8/2017 Internet Vision Technologies Australian-based AMS software provider n/a n/a n/a n/a n/a n/a n/a
5/12/2017 Innovative Software Solutions Benefit administration software and services n/a n/a n/a n/a n/a n/a n/a
4/29/2014 Unxvision eSolutions Fundraising software products n/a n/a n/a n/a n/a n/a n/a
11/8/2012 SpaceMaster Advertising management software n/a n/a n/a n/a n/a n/a n/a
9/5/2012 Income Manager Fundraising software n/a n/a n/a n/a n/a n/a n/a
8/7/2012 GoLightly Online community collaboration software n/a n/a n/a n/a n/a n/a n/a
6/10/2008 Fisk Brett Charity and fundraising software n/a $0.3 n/a n/a n/a n/a n/a
Benevity Total Disclosed M&A Deal Value: n/a
3/27/2018 Versaic Corporate philanthropy management n/a n/a n/a n/a n/a n/a n/a
2/27/2018 TrustCSR CSR services n/a n/a n/a n/a n/a n/a n/a
11/9/2015 GrantStream Grants management software provider n/a n/a n/a n/a n/a n/a n/a
Blackbaud Total Disclosed M&A Deal Value: $946.7 Million
1/2/2019 YourCause CSR software n/a n/a $157.0 100.0% - n/a n/a
5/1/2018 Reeher Higher education fundraising platform $12.5 n/a $43.0 100.0% - 3.44x n/a
2/1/2018 Seraphim Software Church management software n/a n/a n/a n/a n/a n/a n/a
10/2/2017 JustGiving Online charity fund raising platform $33.2 $0.6 $132.2 100.0% - 3.98x n/m
4/3/2017 AcademicWorks Scholarship management platform n/a n/a $52.1 100.0% - n/a n/a
7/12/2016 Attentive.ly Social customer relationship management n/a n/a $3.9 100.0% - n/a n/a
10/6/2015 Smart Tuition
(a)
Financial software for schools $34.0 n/a $187.3 100.0% - 5.51x n/a
10/2/2014 MicroEdge
(a)
Grants management software solutions $23.2 n/a $159.8 100.0% - 6.89x n/a
6/17/2014 WhippleHill Communications(a)
Education solutions to K12 private schools $9.0 n/a $35.0 100.0% - 3.89x n/a
3/19/2013 MyCharity Online fundraising tools n/a n/a n/a n/a n/a n/a n/a
10/6/2011 Everyday Hero
(a)
Online platform for fund raising $3.2 n/a $7.6 100.0% - 2.38x n/a
2/1/2011 Public Interest Data(a)
Database management services $8.2 n/a $19.1 100.0% - 2.33x n/a
10/1/2010 Noza Internet search engine $1.0 n/a n/a n/a n/a n/a n/a
5/13/2010 Target America Marketing services n/a n/a $0.4 100.0% - n/a n/a
4/30/2009 RLC Management(a) Constituent relationship management $2.6 n/a $2.9 100.0% - 1.15x n/a
7/8/2008 Kintera Donor management and engagement $43.1 ($6.7) $50.2 100.0% - 1.16x n/m
8/8/2007 eTapestry.com Web-based fund raising software $7.2 n/a $26.9 100.0% - 3.74x n/a
1/17/2007 Target Companies Database and donor management n/a n/a $61.1 100.0% - n/a n/a
1/23/2006 Campagne Associates Fundraising software solutions n/a n/a $8.1 100.0% - n/a n/a
ClearCourse Partnership Total Disclosed M&A Deal Value: n/a
2/6/2019 APT Solutions CRM for unions, sport bodies and charities n/a n/a n/a n/a n/a n/a n/a
1/23/2019 Clear Direct Debit Direct debit processing services n/a n/a n/a n/a n/a n/a n/a
1/16/2019 Silverbear Membership/CRM built on Dynamics n/a n/a n/a n/a n/a n/a n/a
11/13/2018 MillerTech Nonprofit CRM software and services n/a n/a n/a n/a n/a n/a n/a
Community Brands Total Disclosed M&A Deal Value: n/a
1/29/2019 AmericanChecked Background screening solutions n/a n/a n/a n/a n/a n/a n/a
1/29/2019 Shield Screening Background screening solutions n/a n/a n/a n/a n/a n/a n/a
1/29/2019 U.S. Information Search Background screening solutions n/a n/a n/a n/a n/a n/a n/a
9/25/2018 Groupcall Communications & analytics for education n/a n/a n/a n/a n/a n/a n/a

37
(a) SICOM and AdvancedMD revenue estimates are for CY2019 based on earnings call commentary; other revenue estimates based on annualized revenue contribution in year companies were acquired
Community Brands (Cont'd) Total Disclosed M&A Deal Value: n/a
6/14/2018 Expo Logic Event and trade show solutions n/a n/a n/a n/a n/a n/a n/a
12/11/2017 501 Auctions Auction management solutions n/a n/a n/a n/a n/a n/a n/a
12/11/2017 Gesture Auction management solutions n/a n/a n/a n/a n/a n/a n/a
12/11/2017 GiveSmart US Auction management solutions n/a n/a n/a n/a n/a n/a n/a
8/1/2017 Configio Cloud-based event and activity solutions n/a n/a n/a n/a n/a n/a n/a
4/26/2017 NimbleUser Force.com based AMS vendor n/a n/a n/a n/a n/a n/a n/a
4/7/2017 Aptify AMS software n/a n/a n/a n/a n/a n/a n/a
4/7/2017 Abila Fund accounting & AMS n/a n/a n/a n/a n/a n/a n/a
2/1/2017 YourMembership Membership management software n/a n/a n/a n/a n/a n/a n/a
1/6/2015 Digital Ignite (YourMembership) Electronic learning technologies n/a n/a n/a n/a n/a n/a n/a
9/15/2014 Jobtarget (YourMembership) Career job boards software and services n/a n/a n/a n/a n/a n/a n/a
12/4/2012 Affiniscape (YourMembership) Association management software n/a n/a n/a n/a n/a n/a n/a
2/18/2015 Peach New Media (Abila) Online learning services n/a n/a n/a n/a n/a n/a n/a
8/21/2013 Avectra (Abila) Membership management software n/a n/a n/a n/a n/a n/a n/a
CyberGrants Total Disclosed M&A Deal Value: n/a
5/2/2016 JK Group Employee giving and engagement n/a n/a n/a n/a n/a n/a n/a
EveryAction Total Disclosed M&A Deal Value: n/a
11/14/2013 NationalField Organizing networks and campaign analytics n/a n/a n/a n/a n/a n/a n/a
1/1/2011 NGP / VAN Democratic campaign software merger n/a n/a n/a n/a n/a n/a n/a
FrontStream Total Disclosed M&A Deal Value: n/a
7/27/2015 BiddingForGood Online charity auction solutions n/a n/a n/a n/a n/a n/a n/a
2/28/2014 Truist Corporate philanthropy solutions n/a n/a n/a n/a n/a n/a n/a
8/19/2013 Artez Interactive Multichannel fundraising platform n/a n/a n/a n/a n/a n/a n/a
8/19/2013 GiftWorks Fundraising software n/a n/a n/a n/a n/a n/a n/a
8/6/2012 FirstGiving Fundraising platform n/a n/a n/a n/a n/a n/a n/a
3/19/2010 Fast Transact Payment processing solutions n/a n/a n/a n/a n/a n/a n/a
Fullsteam Total Disclosed M&A Deal Value: n/a
2/1/2019 Maxanet Online auction software n/a n/a n/a n/a n/a n/a n/a
1/16/2019 Storage Commander Self-storage software n/a n/a n/a n/a n/a n/a n/a
12/21/2018 HoldMyTicket Event ticketing software n/a n/a n/a n/a n/a n/a n/a
12/18/2018 BridalLive Bridal shop software n/a n/a n/a n/a n/a n/a n/a
9/26/2018 Event Rental Systems Rental management software n/a n/a n/a n/a n/a n/a n/a
8/28/2018 Agilon Donor management software n/a n/a n/a n/a n/a n/a n/a
8/22/2018 DOMICO Self-storage management software n/a n/a n/a n/a n/a n/a n/a
5/30/2018 Rental Management Inc. Equipment rental management software n/a n/a n/a n/a n/a n/a n/a
Global Payments Total Disclosed M&A Deal Value: $10.6 Billion
9/27/2018 SICOM
(a)
Restaurant software and payments $100.0 n/a $415.0 100.0% - 4.15x n/a
8/2/2018 AdvancedMD
(a)
Independent physician office software $125.0 n/a $700.0 100.0% - 5.60x n/a
9/1/2017 Active Network
(a)
Activity and participant management $178.9 n/a $1,171.6 51.2% 48.8% 6.55x n/a
4/25/2016 Heartland Payment Systems Credit card processing services $2,682.4 $290.5 $4,171.6 47.9% 52.1% 1.56x 14.4x
ASI
Blackbaud
CyberGrants
FrontStream
Community Brands
Global Payments
Higher Logic
Infogroup
MemberClicks
Naylor
EveryAction
Pursuant
RKD Group
Personify
Salsa Labs
Social Solutions
SofterWare
Togetherwork
Others
Benevity
MultiView
Network for Good
Fullsteam
Neon One
Salesforce.org
ClearCourse

38
Global Payments (Cont'd) Total Disclosed M&A Deal Value: $10.6 Billion
4/8/2016 eWAY Merchant and online payment services $12.0 n/a $53.6 100.0% - 4.47x n/a
6/2/2015 Certegy (Assets) Gaming business n/a n/a $237.5 100.0% - n/a n/a
3/25/2015 Pay and Shop Online payment services $22.7 $3.3 $125.2 100.0% - 5.51x n/m
10/10/2014 Ezidebit Intelligent payment software and services n/a n/a $266.0 100.0% - n/a n/a
3/5/2014 PayPros
(a)
Integrated payment processing systems $297.2 n/a $426.5 100.0% - 1.43x n/a
12/1/2012 HSBC Asia (44%) Electronic transaction processing services n/a n/a $550.0 100.0% - n/a n/a
10/2/2012 Accelerated Payment Tech. Retailing and payment processing n/a n/a $413.0 100.0% - n/a n/a
4/20/2010 NationalCard Processing Sys. Payment processing services n/a n/a $11.7 100.0% - n/a n/a
9/28/2009 Greater Giving Fundraising and payment processing n/a n/a $22.0 100.0% - n/a n/a
6/12/2009 HSBC UK (49%)
(a)
Card processing services $251.3 n/a $628.0 100.0% - 2.50x n/a
4/30/2009 United Card Service Card payment services n/a n/a $75.0 100.0% - n/a n/a
6/30/2008 HSBC UK (51%)
(a)
Card processing services $236.4 n/a $860.0 100.0% - 3.64x n/a
11/14/2006 Diginet Transaction processing services n/a n/a n/a 100.0% - n/a n/a
10/28/2005 Muzo (1.7%) Payment processing n/a n/a $82.4 100.0% - n/a n/a
12/22/2004 United Europhil Electronic money transfer services $12.0 n/a $20.9 100.0% - 1.74x n/a
6/30/2004 Comerica Bank (49%) Cash & win product line n/a n/a $15.9 100.0% - n/a n/a
5/14/2004 Muzo (45.7%) Payment processing $27.0 n/a $63.0 100.0% - 2.33x n/a
2/18/2004 Muzo (52.6%) Payment processing $27.0 n/a $66.0 100.0% - 2.44x n/a
11/12/2003 DolEx Dollar Express Electronic transaction-processing $72.0 n/a $200.0 100.0% - 2.78x n/a
9/30/2001 Nat. Bank of Canada (Assets) Merchant services business n/a n/a $45.9 100.0% - n/a n/a
6/1/2001 Comerica Bank (51%) Cash & win product line n/a n/a n/a n/a n/a n/a n/a
Higher Logic Total Disclosed M&A Deal Value: n/a
10/16/2017 Informz Association focused email marketing n/a n/a n/a n/a n/a n/a n/a
10/16/2017 Real Magnet Email and marketing automation platform n/a n/a n/a n/a n/a n/a n/a
2/16/2017 Kavi Online business collaboration software n/a n/a n/a n/a n/a n/a n/a
1/18/2017 Socious Online community software n/a n/a n/a n/a n/a n/a n/a
Infogroup Total Disclosed M&A Deal Value: $460.9 Million
11/4/2014 Specialized Fundraising Serv. Nonprofit marketing and fundraising services n/a n/a n/a n/a n/a n/a n/a
3/2/2012 GoTime Data acquisition and management n/a n/a n/a n/a n/a n/a n/a
1/1/2008 Direct Media (US) Direct marketing services n/a n/a $17.9 n/a n/a n/a n/a
8/24/2007 Guideline Consulting and research services $47.5 $1.9 $42.9 n/a n/a 0.90x 22.7x
6/22/2007 ExpressCopy.com Online digital printing and direct mail services n/a n/a n/a n/a n/a n/a n/a
12/4/2006 ORC International Market and social research $193.4 $8.7 $75.1 n/a n/a 0.39x 8.6x
6/1/2006 Mokrynskidirect Brokerage and management services n/a n/a $8.5 n/a n/a n/a n/a
6/9/2004 Avention SaaS sales & marketing intelligence platform $57.1 $5.6 n/a n/a n/a n/a n/a
12/3/2002 ClickAction Permission-based email marketing services n/a n/a $4.2 n/a n/a n/a n/a
5/2/2000 idEXEC Executive contact information solutions n/a n/a $7.3 n/a n/a n/a n/a
6/2/1999 Donnelly Marketing Group Business and consumer information products n/a n/a $200.0 n/a n/a n/a n/a
2/1/1997 Database America Companies Data processing and analytical services n/a n/a $105.0 n/a n/a n/a n/a
MemberClicks Total Disclosed M&A Deal Value: n/a
11/1/2018 UpAbility (Assets) Learning management software solution n/a n/a n/a n/a n/a n/a n/a
11/2/2017 WebLink Association management software n/a n/a n/a n/a n/a n/a n/a
ASI
Blackbaud
CyberGrants
FrontStream
Community Brands
Global Payments
Higher Logic
Infogroup
MemberClicks
Naylor
EveryAction
Pursuant
RKD Group
Personify
Salsa Labs
Social Solutions
SofterWare
Togetherwork
Others
Benevity
MultiView
Network for Good
Fullsteam
Neon One
Salesforce.org
ClearCourse

39
MemberClicks (Cont'd) Total Disclosed M&A Deal Value: n/a
5/26/2017 ePly Services Online event registration software n/a n/a n/a n/a n/a n/a n/a
MultiView Total Disclosed M&A Deal Value: n/a
11/2/2017 CMC Film services for organizations n/a n/a n/a n/a n/a n/a n/a
Naylor Association Solutions Total Disclosed M&A Deal Value: $20.0 Million
2/8/2018 Health eCareers (Assets) Nursing, allied & administrative business n/a n/a n/a n/a n/a n/a n/a
7/24/2015 WJ Weiser & Associates Association management services n/a n/a n/a n/a n/a n/a n/a
1/6/2015 Timberlake Association management software n/a n/a n/a n/a n/a n/a n/a
Naylor Association Solutions (Cont'd) Total Disclosed M&A Deal Value: $20.0 Million
4/25/2014 Boxwood Technology Online career center services n/a n/a $20.0 n/a n/a n/a n/a
1/25/2007 Convention Management Grp Event management services n/a n/a n/a n/a n/a n/a n/a
Neon One Total Disclosed M&A Deal Value: n/a
9/13/2018 NeonCRM / Rallybound CRM and fundraising merger n/a n/a n/a n/a n/a n/a n/a
Network for Good Total Disclosed M&A Deal Value: n/a
3/31/2016 DonorPath Fundraising services for nonprofits n/a n/a n/a n/a n/a n/a n/a
5/20/2014 GiveCorps Online technology for philanthropist activities n/a n/a n/a n/a n/a n/a n/a
7/29/2008 ePhilanthropy Foundation Education services n/a n/a n/a n/a n/a n/a n/a
Personify Total Disclosed M&A Deal Value: n/a
11/29/2018 a2z Event management software n/a n/a n/a n/a n/a n/a n/a
9/21/2017 Wild Apricot Online membership management platform n/a n/a n/a n/a n/a n/a n/a
11/11/2015 Small World Labs Community and social collaboration platform n/a n/a n/a n/a n/a n/a n/a
Pursuant Total Disclosed M&A Deal Value: n/a
1/31/2017 TouchPoint Software Church management software n/a n/a n/a n/a n/a n/a n/a
10/27/2015 ShareRewards Merchant-funded fundraising programs n/a n/a n/a n/a n/a n/a n/a
3/10/2015 2Dialog Online fundraising services n/a n/a n/a n/a n/a n/a n/a
1/11/2011 KMA Direct Communications Business and marketing services n/a n/a n/a n/a n/a n/a n/a
1/1/2001 RSI Stewardship Fundraising services n/a n/a n/a n/a n/a n/a n/a
RKD Group Total Disclosed M&A Deal Value: n/a
10/1/2015 Alpha Dog Nonprofit fundraising and marketing services n/a n/a n/a n/a n/a n/a n/a
4/2/2014 Kersten Direct Marketing and fundraising services n/a n/a n/a n/a n/a n/a n/a
3/6/2012 Adcieo Digital marketing services n/a n/a n/a n/a n/a n/a n/a
Salesforce.org Total Disclosed M&A Deal Value: n/a
1/14/2019 roundCorner CRM and grants management n/a n/a n/a n/a n/a n/a n/a
Salsa Labs Total Disclosed M&A Deal Value: n/a
11/5/2015 DonorPro Donor management software n/a n/a n/a n/a n/a n/a n/a
10/1/2014 givezooks! Peer to peer fundraising app n/a n/a n/a n/a n/a n/a n/a
ASI
Blackbaud
CyberGrants
FrontStream
Community Brands
Global Payments
Higher Logic
Infogroup
MemberClicks
Naylor
EveryAction
Pursuant
RKD Group
Personify
Salsa Labs
Social Solutions
SofterWare
Togetherwork
Others
Benevity
MultiView
Network for Good
Fullsteam
Neon One
Salesforce.org
ClearCourse

40
Social Solutions Total Disclosed M&A Deal Value: $32.0 Million
6/22/2015 Community TechKnowledge Outcomes management and reporting n/a n/a $32.0 n/a n/a n/a n/a
3/25/2009 Esteam Human services software n/a n/a n/a n/a n/a n/a n/a
SofterWare Total Disclosed M&A Deal Value: n/a
10/5/2016 ReadySetAuction Cloud-based auction management solutions n/a n/a n/a n/a n/a n/a n/a
2/1/2011 DonorMagic Prospect screening and research services n/a n/a n/a n/a n/a n/a n/a
Togetherwork Total Disclosed M&A Deal Value: $11.3 Million
11/7/2018 Bidlily Chapter recruitment for sororities n/a n/a n/a n/a n/a n/a n/a
11/7/2018 Select-A-Sis Chapter recruitment for sororities n/a n/a n/a n/a n/a n/a n/a
11/7/2018 Greek Resource Services Account services for fraternities and sororities n/a n/a n/a n/a n/a n/a n/a
11/7/2018 ICS Recruitment for Panhellenic Councils n/a n/a n/a n/a n/a n/a n/a
10/24/2018 DanceStudio-Pro Dance studio software n/a n/a n/a n/a n/a n/a n/a
4/11/2018 SofTrek Donor management and fundraising n/a n/a n/a n/a n/a n/a n/a
11/30/2017 Capturepoint Registration management software n/a n/a n/a n/a n/a n/a n/a
10/24/2017 Chaverware Synagogue membership software n/a n/a n/a n/a n/a n/a n/a
10/24/2017 Congregation Connect Congregation financial software n/a n/a n/a n/a n/a n/a n/a
9/28/2017 Gingr Pet services software n/a n/a $11.3 n/a n/a n/a n/a
8/16/2017 Group Interactive Networks Communication platform for fraternities n/a n/a n/a n/a n/a n/a n/a
6/7/2017 Pennington & Company Fundraising services n/a n/a n/a n/a n/a n/a n/a
4/26/2017 Bunk1 Parent portal software for camps n/a n/a n/a n/a n/a n/a n/a
3/29/2017 ABC Sports Camps Online event-registration solutions n/a n/a n/a n/a n/a n/a n/a
11/16/2016 CircuiTree Camp management software n/a n/a n/a n/a n/a n/a n/a
9/22/2016 DoubleKnot Registration for zoos, museums & scouting n/a n/a n/a n/a n/a n/a n/a
12/3/2015 Omega Financial Fraternity financial management platform n/a n/a n/a n/a n/a n/a n/a
ASI
Blackbaud
CyberGrants
FrontStream
Community Brands
Global Payments
Higher Logic
Infogroup
MemberClicks
Naylor
EveryAction
Pursuant
RKD Group
Personify
Salsa Labs
Social Solutions
SofterWare
Togetherwork
Others
Benevity
MultiView
Network for Good
Fullsteam
Neon One
Salesforce.org
ClearCourse

41
ASI
Blackbaud
CyberGrants
FrontStream
Community Brands
Global Payments
Higher Logic
Infogroup
MemberClicks
Naylor
EveryAction
Pursuant
RKD Group
Personify
Salsa Labs
Social Solutions
SofterWare
Togetherwork
Others
Benevity
MultiView
Network for Good
Fullsteam
Neon One
Salesforce.org
ClearCourse
($ in Millions) Target Overview
LTM Deal Deal Value / LTM
Announced Acquiror Target Description Revenue EBITDA Value Revenue EBITDA
1/29/2019 BV Investment Partners RKD Group Nonprofit fundraising and marketing services n/a n/a n/a n/a n/a
11/2/2018 Eudonet 3SI CRM for associations in the U.K. market n/a n/a n/a n/a n/a
11/1/2018 Paya Stewardship Technology Payments for nonprofits, faith and education n/a n/a n/a n/a n/a
10/16/2018 iRaiser Group Airbuilder Peer to peer fundraising for the Nordic market n/a n/a n/a n/a n/a
9/12/2018 GTY Technology Holdings eCivis Public sector grants management software n/a n/a n/a n/a n/a
9/11/2018 Pamlico Capital Personify Constituent management and engagement n/a n/a n/a n/a n/a
7/24/2018 Superion TriTech & Aptean (Assets) Three-way government software merger n/a n/a n/a n/a n/a
7/16/2018 GCR MB3 Emergency grants management for disasters n/a n/a n/a n/a n/a
5/30/2018 Marlin Equity FrontStream Fundraising and payment processing n/a n/a n/a n/a n/a
4/30/2018 MaxGiving Northwest Software Tech. Event fundraising software n/a n/a n/a n/a n/a
4/17/2018 OneCause Great Feats Social engagement and fundraising n/a n/a n/a n/a n/a
4/10/2018 Accel-KKR Salsa Labs Nonprofit CRM and marketing automation n/a n/a n/a n/a n/a
4/4/2018 YourCause Profits4Purpose Employee giving and grants management n/a n/a n/a n/a n/a
4/4/2018 GoFundMe YouCaring Humanitarian fundraising n/a n/a n/a n/a n/a
4/4/2018 Cayuse IT Works Grants management for research n/a n/a n/a n/a n/a
3/19/2018 BroadPoint Jitasa (Assets) Nonprofit technology services assets n/a n/a n/a n/a n/a
3/13/2018 GI Partners Togetherwork Group management software and payments n/a n/a n/a n/a n/a
3/1/2018 Cayuse Process Pathways Research administration software n/a n/a n/a n/a n/a
2/1/2018 Ministry Brands Sharefaith Church web services n/a n/a n/a n/a n/a
1/25/2018 YouCaring Generosity Fundraising for personal and social causes n/a n/a n/a n/a n/a
1/20/2018 GiveGab Kimbia Online fundraising platform n/a n/a n/a n/a n/a
11/1/2017 GrowthZone AMS BuilderFusion Home builder association software n/a n/a n/a n/a n/a
8/3/2017 YourCause Good Done Great Corporate and individual giving platform n/a n/a n/a n/a n/a
7/18/2017 Ruffalo Noel Levitz Purple Briefcase Tech-enabled education enrollment n/a n/a n/a n/a n/a
6/26/2017 Aplos Portalbuzz Member management n/a n/a n/a n/a n/a
6/21/2017 Sverica Capital iWave Fundraising intelligence n/a n/a n/a n/a n/a
6/19/2017 DonorCommunity Telosa Donor management and fundraising n/a n/a n/a n/a n/a
5/10/2017 Good Done Great WPG Solutions Philanthropic IT consulting services n/a n/a n/a n/a n/a
3/29/2017 Quilvest Eudonet Associations, higher ed and gov't CRM n/a n/a n/a n/a n/a
3/29/2017 YouCaring GiveForward Online social fundraising platform n/a n/a n/a n/a n/a
3/9/2017 Good Done Great Dextery Ventures Donation and philanthropy software n/a n/a n/a n/a n/a
2/6/2017 Givergy GiveSmart (Assets) U.K. division n/a n/a n/a n/a n/a
1/10/2017 GoFundMe Crowdrise Fundraising platform for nonprofits n/a n/a n/a n/a n/a
12/8/2016 Vista Equity SunGard (Assets) Public Sector and Education unit $169.0 $46.5 $850.0 5.03x 18.3x
11/23/2016 PushPay Bluebridge (Church) Mobile church marketing n/a n/a $3.1 n/a n/a
11/7/2016 Ministry Brands Senior Systems School management software n/a n/a n/a n/a n/a
10/24/2016 RenPSG Crown Philanthropic Online donation platform n/a n/a n/a n/a n/a
10/14/2016 Ministry Brands DataDiver Technologies Criminal research database n/a n/a n/a n/a n/a
9/1/2016 Katalyst Partners Donor Point Marketing Fundraising and digital marketing solutions n/a n/a n/a n/a n/a
5/31/2016 ACTIVE Network JumpForward NCAA recruiting and compliance n/a n/a n/a n/a n/a
5/17/2016 Givergy Lumi Event fundraising for the Australian market n/a n/a n/a n/a n/a
5/16/2016 Blue Star Sports Goalline Sports technology for sports associations n/a n/a n/a n/a n/a
5/1/2016 GoFundMe Vanford Peer to peer tutoring n/a n/a n/a n/a n/a
4/21/2016 Ministry Brands ParishSOFT Mobile church management n/a n/a n/a n/a n/a
3/17/2016 Ministry Brands Fellowship One Church administration software n/a n/a n/a n/a n/a
Total High 6.89x 22.7x
Total Low 0.39x 8.6x
Total Average 3.29x 16.0x
Total Median 3.11x 16.3x

42
Our Strategy
Advisors to the member management community
Nonprofit Software
Leaders
Jonathan Adler
Managing Director
(201) 503-0339
jadler@madisonparkgrp.com
Michael Magruder
Managing Director
(212) 776-1984
mmagruder@madisonparkgrp.com
Detailed Market Understanding Creative & Customized Execution Complete Lifecycle Support
• Constant industry interaction • Strategy-first transaction planning • Pre-transaction business preparation
• Key decision-maker relationships • Sole focus on management’s goals • Collaborative identification of goals
• Multiple relevant transactions • Broad transaction-type track record • Tenacious execution & support
“Madison Park Group’s in-depth knowledge of our sector and strong deal execution
at every stage of the process proved invaluable in closing a transaction with the
ideal partner for Salsa.”
- Salsa Labs CEO, Scott Stouffer
Comprehensive Approach to Advisory Services
Sale to
“Madison Park Group was fantastic to work with during the sale of Informz. They
laid out the process, helped us to get everything together, set a strategy to maximize
our value and led the successful negotiation. I would highly recommend them.”
- Informz CEO, Joe Tyler
Sale to
Acquisition of
Track Record of Diverse Transaction Structures in Member Management Software
“We're proud of the level of engagement and impact our customers have achieved
by using Mobile Commons. With text messaging, marketers are able to achieve
extraordinary outcomes such as four-times higher click-through rates and two-times
higher conversions rates than email. We're truly excited to bring Enterprise-class
mobile messaging to Upland's customers.”
- Mobile Commons CEO, Jed Alpert

43
This presentation has been prepared by Madison Park Group and may only be used for informational purposes. This presentation provides an overview of
the nonprofit and association subsegments of the member management software market and is not intended to be taken by, and should not be taken by,
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Madison Park Group Member Management Software Market Update - Nonprofit & Association H2 2018