Blackbaud Acquires eTapestry

Blackbaud Inc. (Nasdaq: BLKB) has acquired eTapestry, an Indianapolis-based provider of SaaS fundraising solutions for nonprofits. The deal is valued at approximately $24.8 million, plus up to $1.5 million in stock earn-outs. Etapestry raised a $6.5 million Series A round in 2000 at an $18 million post-money valuation, from firms like Gazelle TechVentures and HarbourVest Partners.