Auctionpay finds a buyer |
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Mass High Tech
Auctionpay finds a buyer
Auctionpay -- a Portland startup backed by the Seattle venture capital firm Maveron -- has been acquired by Global Payments in a deal of undisclosed size, reports The Portland Business Journal. Founded in 2002, the company develops software for schools, charities and other non-profit fundraising events.
Auctionpay CEO Steve Serba declined to disclose the company's revenue or the amount of venture financing it has raised. But a Portland Business Journal story from 2006 indicated that the company at that time had raised $7.5 million, employed 70 people and had revenue of $10 million.
Sterba said the company will continue to operate independently of its new Atlanta-based parent, and that employees and management will be retained. The acquisition will allow the company to grow faster.
“This is the second founding of Auctionpay, the next step in our evolution," Sterba told the Business Journal. "We have a parent with very deep pockets.”
In a statement on the company's Web site, Sterba added that the company will be able to expand internationally.
"Auctionpay will continue our mission of helping nonprofits raise more money for their respective causes—and, because of our new relationship, we are in a stronger position to expand our business to better serve you. Global Payments shares our philanthropic vision and will enable us to accelerate development of new fundraising software products integrated with payment services. We will also be able to invest more time in analyzing market trends to drive new product and services—enabling you to be ahead of the fundraising curve, growing your giving community for many years to come. In addition, we’ll be able to leverage Global’s capital structure and worldwide operations to expand into new geographies and additional markets."
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