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Charity tech company Vennfi has been bought by a private equity firm in what its CEO calls a "strategic" move that will "unlock even more purposeful giving in the years ahead."
Foundation Source, a cloud-based platform that manages family, corporate, and professionally staffed foundations, acquired Vennfi, the financial technology company powering Charityvest, a donor-advised fund sponsor, reports Fortune.
Vennfi will continue to operate as a partnership with Charityvest, a 501(c)(3) public charity and DAF sponsoring organization.
Charityvest will continue to operate as a separate, independent entity, managed by its own board of directors.
"This strategic acquisition is an important milestone in Foundation Source's mission to make giving easier and more impactful, and we're excited to make these philanthropic solutions widely available to help people and companies drive change," Joseph Mrak III, CEO of Foundation Source, said in a statement.
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