FrontStream Holdings has bought TRUiST Inc, a statement about the acquisition said. Financial details of the purchase were not disclosed.
New York-based private equity firm Arsenal Capital Partners leads the investor group that supports FrontStream Holdings. The company, which does business as FrontStream Payments, is headquartered in Reston, Virginia and provides "integrated back-end merchant solutions and robust front-end payment and donation management products."
TRUiST, based in Washington, DC, provides corporate philanthropy solutions that allows organizations to enhance participation in their giving, matching and volunteerism initiatives. It develops solutions that strengthen businesses to make the most of their efforts to raise money. Through TRUiST's solutions, it will be more convenient for companies to manage their campaigns, deduct payroll automatically, facilitate campaigns for direct donations, manage volunteers, match businesses and undertake disaster response programs, the statement said.
TRUiST's Chief Executive Officer Bill Horne said in the statement, "TRUiST is a great addition to the FrontStream family in that we ultimately support nonprofit causes by appealing to a corporate audience. FrontStream is the first company to recognize the benefits of working on behalf of the corporation and the nonprofit to deliver solutions under one roof serving the full spectrum of constituents which will provide outstanding reach and growth opportunities to a highly diversified client base."
The purchase represents a major move for FrontStream in its quest to provide nonprofits and charities with a diversified suite of tools. FrontStream established the NonProfit Division last year which now houses FirstGiving, Artez Interactive and GiftWorks-three brands which are geared mainly for nonprofits, the statement said.
As a result of the acquisition, FrontStream will be the parent firm of TRUiST but it will still continue to keep and expand the growth of the TRUiST brand. It will also add the capital of the US to its list of offices. The TRUiST name will also be retained. Feveral hundred Fortune 1000 firms will also be added to TRUiST by FrontStream which will also take advantage of TRUiST's tools to increase avenues for fundraising for its 18,000 nonprofit customers, the statement said.
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