Foundation Source
Foundation Source is the comprehensive, outsourced provider of back office functions and services for private foundations. The company leverages proprietary client-facing and back-end software to enable user-friendly charity research and grant making as well as a team of industry experts to manage compliance and regulatory filings and other administrative matters.
PORTFOLIO STORY
How We Partnered
Transaction Dynamics
Incline partnered with management to acquire the company from a broad shareholder base led by two institutional investors. Management made an investment in the company as part of the transaction and will continue working with the Incline team to guide Foundation Source into its next stage of growth.
Investment Thesis
- Industry’s only one-stop solution for Private Foundation back office needs
- Diverse, stable customer base with high retention due to relationship focus and strength of value proposition
- Cycle-resistant revenue profile supported by recurring, contractual customer agreements, with the majority of revenue coming from fixed fees
- Multiple levers for growth including further penetrating the market of existing foundations, capturing share in the significant corporate philanthropy market, investing in furthering channel partner relationships and developing or acquiring new product and service offerings
Incline Value Enhancement
- Developed data-driven sales strategy to target existing foundation market and expand channel partner relationships
- Supported operational improvements through investments in technology
- Launched Impactfully, a new self-service foundation management technology platform
HEADQUARTERS
Fairfield, CT
STATUS
Realized
INDUSTRY
Business Services
INVESTMENT DATE
January 2020
As the leading provider of comprehensive foundation management solutions and an industry pioneer, we are excited to partner with Incline in this next iteration of the firm’s evolution. We will continue, as always, to deliver service excellence to our clients, and this new partnership enables us to further penetrate our current market and expand into new ones.