Foundation Source, the nation’s largest provider of cloud-based SaaS foundation management services, today announces the appointment of Joseph Mrak III as Chief Executive Officer (CEO). The announcement coincides with the acquisition of Foundation Source by Chicago-based private equity firm GTCR, which has a long history of investing and growing market-leading businesses in wealth management, asset management, and fund administration.
The leadership and ownership transition marks a new stage of growth for the company as it continues its expansion with new services, technology, partnerships and integrations that empower wealth managers to deliver truly holistic solutions to their high-net-worth and ultra-high-net-worth clientele. Founded over 20 years ago, Foundation Source supports more than 2,200 family, corporate and independent foundations representing over $20 billion in charitable assets and facilitates the deployment of more than $1.5 billion in charitable aid each year.
With over 25 years of experience, Mr. Mrak is a pioneer in the SaaS-based fintech and wealth management industry. He has a long track record of success developing innovative technology for financial advisors that improves the client experience and increases operational efficiencies. He was formerly Global Head of Wealth Solutions at Refinitiv, a leader in financial markets data and infrastructure.
Previously, Mr. Mrak was Executive Chairman of Solovis, an institutional investment management platform servicing family offices, endowments, registered investment advisors (RIAs) and insurance firms, and served as CEO and Chairman of FolioDynamix, an integrated SaaS-based wealth management platform, which today is part of Envestnet. While at FolioDynamix, he grew the company’s technology and advisory solutions to $1 trillion in AUA, $25 billion in AUM, and 3.5 million accounts across 35,000 active advisors.
“It’s an honor to join Foundation Source,” Mr. Mrak said. “Philanthropy is an increasingly critical component of a holistic wealth management approach and we have the technology, expertise and market position to elevate charitable giving to new heights.”
“We are very excited about the company’s next phase of growth,” he continued. “Our goal is to ensure that every advisor has an unparalleled philanthropic desktop experience via Foundation Source, one that offers agile, collaborative cloud-based SaaS solutions that will help them meet clients’ charitable planning needs.”
Mr. Mrak assumes the role from Sunil Garga, who led the company for the past two and a half years. “Since joining Foundation Source in 2021, our collective progress fills me with immense pride. Under Joe’s leadership, I know the company will continue to thrive, innovate, and foster positive change in the world of philanthropy,” said Mr. Garga.
About Foundation Source (foundationsource.com)
Foundation Source is the nation’s largest provider of foundation management services and a trusted source for philanthropic expertise. We offer purpose-built software applications and a configurable suite of tech-enabled administrative, compliance, tax and advisory solutions for private philanthropists and their foundations.
For more than two decades, Foundation Source has been empowering people and companies to create a better world through philanthropy. We work with individuals, families, boards and professional advisors to bring philanthropic visions to life and make giving easier. Today we are proud to support more than 2,200 unique foundations representing over $20 billion in charitable assets.
