P.E.I. company acquired
Sverica Capital Management invests in iWave Information Systems Inc.
P.E.I. software solutions company, iWave, has been acquired by the U.S.-based private equity investment firm Sverica.
Sverica Capital Management LLC of San Fransico, along with Ross Beattie and Gerry Lawless, made the announcement recently.
Based in Charlottetown, iWave Information offers fundraising intelligence, providing research into individuals and companies across multiple platforms through one search. This helps researchers, fundraisers and other development professionals determine which donors to approach, how much to ask for and when to ask.
“This will position us to build on our long-term strategy to produce a category leading-company that fundamentally changes the way nonprofits find major gifts to support their great causes. Gerry Lawless, iWave, President and CEO
For the past five years, iWave has been one of the fastest growing prospect research software companies in North America and currently serves more than 2,000 client organizations. Those clients include Ivy League schools like Yale and Stanford, as well as health-care and arts organizations like Doctors Without Borders and the Smithsonian Institute.
“Partnering with Sverica will expand our capacity to deliver the best value for our client organizations, provide rewarding careers for our team members and create value for our stakeholders,” said Lawless, iWave CEO. “Most importantly, this will position us to build on our long-term strategy to produce a category leading-company that fundamentally changes the way nonprofits find major gifts to support their great causes.”
Ross Beattie is joining the company as executive director and vice-chairman. Beattie formerly held the role of CEO of HGS Canada.
“iWave has a great opportunity to build upon its momentum, and we are excited to partner with Sverica as we continue to grow,” said Beattie. “iWave is well positioned to become the leading provider of fundraising intelligence, and we look forward to leveraging Sverica’s experience in realizing that vision.”
Jordan Richards, managing director at Sverica, said “Gerry and the iWave team have built a great company that has experienced significant growth over the past five years while serving their clients with a powerful data-driven software solution. We are excited to partner with Ross and Gerry and reinvest back into the Company to create new avenues of growth and opportunity for the Company’s employees, customers, and partners.”