Philanthropy technology pioneer Foundation Source has made a significant move to expand its reach and capabilities, with the acquisition of a foundation management firm in San Francisco.
The acquisition of Pacific Foundation Services boosts Foundation Source’s assets under administration to almost $40 billion and reflects the firm’s ongoing push to modernize philanthropy with scalable, tech-enabled solutions.
Foundation Source provides philanthropic support for private foundations, institutions, nonprofits, and advisors.
“We’re excited to welcome the PFS team,” said Joseph Mrak III, CEO of Foundation Source. “This partnership enhances our ability to deliver strategic insight, innovative tools, and operational excellence – all aimed at helping mission-driven organizations maximize their impact.”
PFS has a long-standing reputation for working with some of the Bay Area’s largest family foundations, offering a mix of philanthropic strategy, grants management, and back-office services. Its CEO Charles R. Casey joins Foundation Source in a senior leadership role and commented that the deal marks a “new chapter” that will streamline operations and expand access to sophisticated philanthropic tools for both firms’ clients.
The acquisition also continues Foundation Source’s recent streak of strategic growth, following its purchases of Giving Place, Vennfi, and PG Calc as part of a broader effort to build a best-in-class ecosystem for philanthropic giving.
“This is a highly strategic addition,” said Lizzie Wintle, Director at GTCR. “Foundation Source is now uniquely positioned to serve the evolving needs of philanthropy with scale, expertise, and innovation.”
With more than 2,300 private foundations and 1,800 nonprofits under its administration, Foundation Source now facilitates over $2.7 billion in annual giving.
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