Combination of Blackbaud and Convio will propel technology innovation
for nonprofits
CHARLESTON, S.C.--(BUSINESS WIRE)--May. 7, 2012--
Blackbaud, Inc. (NASDAQ: BLKB) today announced that it has completed its
acquisition of Convio, Inc., a leading provider of on-demand constituent
engagement solutions. Under the terms of the merger agreement, Blackbaud
paid an aggregate purchase price of approximately $325 million.
Blackbaud financed the deal through a combination of cash and borrowings
from its credit facility.
“This is an exciting day for the Blackbaud and Convio teams. Together,
we can build better solutions for nonprofits, and that’s what drives
us,” said Marc Chardon, Blackbaud’s chief executive officer. “Convio’s
strengths in online and social marketing, and subscription and
cloud-based offerings complement ours, and will accelerate our ability
to deliver more to the nonprofit sector.”
“Having worked with both Convio and Blackbaud over the past few years,
we are pleased to see this new development,” said Major George Hood,
National Community Relations Secretary for The Salvation Army. “Being
able to work with one vendor across multiple channels of engagement will
be a benefit to The Salvation Army, and we are confident Blackbaud will
continue to help us more effectively engage with our donors and
supporters.”
Originally announced on January 17, 2012, the acquisition followed the
completion of the tender offer Blackbaud made through its wholly owned
subsidiary, Caribou Acquisition Corporation, for all the outstanding
shares of Convio common stock for $16 per share, net to the seller in
cash, without interest and less any applicable withholding taxes.
Immediately prior to the merger, Caribou Acquisition Corporation held
approximately 90.4% of Convio’s outstanding common stock. As a result,
Blackbaud was able to complete a “short-form” merger under Delaware law
where all outstanding shares of Convio common stock that were not
previously tendered (other than shares held by Caribou Acquisition
Corporation or Convio stockholders that properly exercise appraisal
rights under Delaware law) were converted into the right to receive the
same consideration paid to stockholders in the tender offer. Blackbaud
assumed Convio equity awards that were unvested as of closing. Convio’s
common stock has ceased trading on the Nasdaq Global Select Market.
Blackbaud plans to support Convio’s current offerings, and the
companies’ combined research and development (R&D) teams will work with
customers to improve and extend current products and build new
offerings. Blackbaud plans to keep Convio’s current office structure,
adding key offices in the Bay Area and Austin. Gene Austin, Convio’s
former president and CEO, will lead the enterprise customer business
unit at Blackbaud, reporting to Marc Chardon. “We are excited to work
together to bring nonprofits the technology they need at a faster pace
than either of us could have separately,” said Austin.
Easter Seals, an organization focused on providing exceptional services,
education, outreach, and advocacy to people living with autism and other
disabilities, has worked closely with both Blackbaud and Convio for
nearly a decade. “In that time, each company has developed core, and in
many cases distinct strengths, in the fundraising and marketing arenas,”
said Steve Bergman, Easter Seals’ CIO. “Blackbaud’s acquisition of
Convio will hasten the creation of new products that could enhance the
effectiveness of nonprofits like Easter Seals.”
About Blackbaud
Serving the nonprofit and education sectors for 30 years, Blackbaud
(NASDAQ: BLKB) combines technology and expertise to help organizations
achieve their missions. Blackbaud works with more than 27,000 customers
in more than 60 countries that support higher education, healthcare,
human services, arts and culture, faith, the environment, independent
education, animal welfare, and other charitable causes. The company
offers a full spectrum of cloud-based and on-premise software solutions,
and related services for organizations of all sizes including:
fundraising, eMarketing, social media, advocacy, constituent
relationship management (CRM), analytics, financial management, and
vertical-specific solutions. Using Blackbaud technology, these
organizations raise more than $100 billion each year. Recognized as a
top company by Forbes, InformationWeek, and Software Magazine and
honored by Best Places to Work, Blackbaud is headquartered in
Charleston, South Carolina and has employees throughout the US, and in
Australia, Canada, Hong Kong, Mexico, the Netherlands, and the United
Kingdom.
Forward-Looking Statements
This Press Release contains “forward-looking statements” relating to the
acquisition of Convio by Blackbaud and the companies’ potential combined
business. Those forward-looking statements are based on current
expectations and involve inherent risks and uncertainties, including
factors that could delay, divert or change any of them, and actual
outcomes and results could differ materially. Among other risks, there
can be no guarantee that the expected benefits of the acquisition and
combined business will be realized. These forward-looking statements
should be evaluated together with the risk factors and uncertainties
that affect Blackbaud’s and Convio’s businesses, particularly those
identified in their Annual Reports on Form 10-K and other filings with
the U.S. Securities and Exchange Commission, or SEC. Except as might be
required by law, neither company undertakes any obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
Source: Blackbaud, Inc.
Investor Contact
ICR
Brian Denyeau, 646-277-1251
brian.denyeau@icrinc.com
or
Media
Contact
Blackbaud
Melanie Mathos, 843-216-6200 x3307
media@blackbaud.com