Tim Goetz is the founder of Fresno-based Aplos, maker of accounting software for churches and other nonprofits. With the acquisition of Aplos, the company’s new CEO is Anush Vinod.
Written by Gabriel Dillard
Walnut Creek-based ASG, a portfolio company of Alpine Investors in San Francisco, announced Wednesday it has acquired Aplos, an accounting industry leader among nonprofits, including faith-based organizations, K-12 schools, and more.
Aplos was started in Fresno in 2009 after founder Tim Goetz was unable to find affordable accounting software for his local church, The Well, where he served as executive pastor.
Aplos has since grown to a team of more than 65 employees who work with other nonprofit organizations bringing software solutions to their accounting needs.
“This new partnership equips Aplos to ramp up our team, fuel our product development, and invest in the future of this incredible company,” Goetz said.
Terms of the transaction were not disclosed.
“Our goal from day one has always been to meet the software needs of the full nonprofit sector, but to get there we needed to find the right financial partner,” said Goetz. “I am excited to have found a partner in ASG that believes in the value of serving nonprofits as strongly as I do.”
More than 10,000 organizations utilize Aplos to engage over 5 million donors and supporters globally.
The Aplos acquisition is the 44th acquisition for ASG — and its first in the nonprofit software industry sector.
Along with the acquisition, Aplos also welcomes Anush Vinod as CEO. He was recently an executive at a high-growth e-commerce company and a participant in the Alpine Investor CEO-in-Training Program.
Alpine Investors bills itself as a people-driven, private equity firm that invests in software, business services and consumer services from a “people-first” angle, which enables the firm to grow relationships with the companies they service. Alpine Investors is currently investing out of its latest $2.25 billion fund, dubbed Fund VIII.
“Aplos is an exceptional platform built by innovators who care deeply about serving nonprofits and churches,” Vinod said.
“We were looking for a great product that people love in a really big market that was serving a really unique need,” Vinod added. “It allows them [churches and nonprofits] to advance their missions and serve their communities.
Aplos will be hiring locally in Fresno through their website and growing the team in the coming months. “We need great people who are driven to serve the nonprofit industry,” he said.
“We’re also focused really heavily on developing products for customers that they’ve been asking for for a long time,” Vinod continued.
Vinod, who has been Aplos’ CEO since January, hopes that the acquisition will bring further growth to the business through innovative solutions to simplify bill pay products and other services.
“What we’re learning from customers is that they really value a relationship with an account management team or the customer experience expert at the company,” Vinod said.
“It’s going to be a team that really lives with the customer over the life of the customer — helping to service them from a product need perspective and from a usability perspective,” he said.
Vinod looks forward to helping ASG and Aplos continue the goal to bring innovative services to an underserved nonprofit market.