Blackbaud to acquire Convio
Howard Lake | 17 January 2012 | News
Blackbaud, Inc. is to acquire Convio, Inc having “entered into a definitive merger agreement” with the company.
According to Blackbaud, the acquisition of Convio “will combine the two companies’ strengths to accomplish a common mission, making multi-channel supporter engagement a reality, at a faster pace than either company could achieve on its own”. The company says that Convio’s expertise in online and social fundraising will complement Blackbaud’s expertise.
Under the terms of the agreement, Blackbaud will acquire all outstanding shares of common stock of Convio for $16.00 per share, valuing Convio at approximately $275 million. Blackbaud will finance the deal through a combination of cash and debt.
The board of directors of both companies have unanimously approved the transaction.
The acquisition is expected to be completed by the end of the first quarter of 2012.
Marc Chardon, Blackbaud’s President and CEO, said, “We are extremely excited to announce our agreement to acquire Convio, which is a significant event for both companies. We fully expect that Convio’s best-in-class, SaaS-based capabilities for large events, advocacy and federated organizations will enable Blackbaud to offer the industry’s most diverse and flexible set of online capabilities on a global basis”.
Convio has over 1,500 customers in the US, Canada and the UK, including 29 of the top 50 U.S. charities. In 2010, Convio’s U.S. clients used its software and services to raise more than $1.3 billion online.
Gene Austin, Convio’s President and CEO, will take on a leadership role at Blackbaud, reporting to Marc Chardon.
Marc Chardon explains the planned acquisition:
www.blackbaud.com
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.