Blackbaud Inc. has purchased eTapestry, a company that markets an on-demand nonprofit fundraising system. The purchase price was $24.8 million, with an additional $1.5 million stock consideration possible based on the company's performance during the next two years.

The eTapestry acquisition opens up the small- and mid-sized nonprofit market to Blackbaud. Blackbaud's Raiser's Edge product is geared toward higher-end organizations.

ETapestry will continue to be run by Jay Love, Its co-founder and current CEO. Co-founder and vice president of development John Moore, and co-founder and COO Steve Rusche, will also remain in their roles. The acquisition brings a customer base of more than 3,000 to Blackbaud.