Blackbaud, Inc. - BLKB STOCK NEWS

Kroger Health and EVERFI mark their fifth anniversary of collaboration aimed at reducing prescription medication misuse and opioid-related deaths in the U.S. Their joint Prescription Drug Safety education program has reached over 100,000 students across 1,300 schools in 14 geographies. Notable outcomes include 80% of students identifying signs of drug misuse, 83% understanding refusal methods, and 79% feeling equipped to assist peers struggling with substance abuse. The initiative empowers students to make informed decisions about prescription medications, fostering a culture of safety and responsibility. The partnership has a significant impact on public health and community education.

PenFed Credit Union, in partnership with EVERFI, hosted a financial literacy event on April 11, 2023, for 130 12th-grade students at University Gardens High School in San Juan, Puerto Rico. This initiative is part of the 'Tu Dinero, Tu Sueño' program, aimed at enhancing financial literacy among students. Over the past four years, PenFed has provided access to EVERFI's curriculum to more than 3,400 students across 30 schools in Puerto Rico. The program covers essential financial topics including savings, credit management, and retirement planning. Following the event, two students received scholarships worth $1,250 each for their achievements in the program. PenFed has been operating in Puerto Rico for over 15 years and emphasizes community investment and youth financial education.

The latest survey from EVERFI reveals a significant gap in financial preparedness among high school juniors and seniors, emphasizing the urgent need for enhanced financial literacy education in K-12 schools. Conducted during the 2021-22 school year, the survey indicated that only 30% of students felt prepared to compare financial institutions, while 40% felt prepared to understand college costs. Students showed low confidence in managing credit (33%) and understanding loan repayments (25%). Despite a majority acknowledging the importance of budgeting, only half felt equipped to set one up. The report underscores that only 19 states mandate financial education courses before graduation.

Blackbaud (NASDAQ: BLKB) has launched a new feature called Good Move for its TeamRaiser platform, enhancing peer-to-peer fundraising for charitable organizations in the U.S. and Canada. This mobile-first application provides gamified activity tracking, aiming to boost engagement and contributions. It allows users to sync fitness devices and track various fundraising activities, making it easier for nonprofits to achieve their goals. Available at no extra cost to existing customers, this update follows Blackbaud's acquisition of Kilter in late 2022, further solidifying its commitment to social impact.

Clearlake Capital Group has responded to the Blackbaud Board's rejection of its acquisition offer of $71.00 per share, stating it represents a 57.7% premium over the unaffected trading price of $45.01 as of October 3, 2022. The proposal's enterprise value exceeds $4.0 billion, with Clearlake holding a substantial financial backing of over $70 billion in assets. Clearlake views the Company’s current challenges as best addressed through exploring strategic alternatives and urges the Board to reconsider its position, emphasizing their readiness to engage in a constructive discussion.

The Guardian Life Insurance Company of America and EVERFI from Blackbaud will launch 'Minding Your Money: Skills for Life' on April 6, 2023. This innovative financial wellness curriculum targets high school students, aiming to equip them with essential financial habits and decision-making skills before they enter adulthood.

Recent research indicates that 67% of adult Gen Zers experience financial stress, with perceived financial wellness dropping from 39% in 2022 to 23% in 2023. The program will initially reach 20,000 students in 15 states, expanding to 40,000 by the end of the 2024-25 school year, particularly in low-income communities.

On March 27, 2023, Blackbaud (NASDAQ: BLKB) announced the rejection of an unsolicited acquisition proposal from Clearlake Capital for $71.00 per share, stating it significantly undervalues the company. The board, after a thorough review with financial and legal advisors, emphasized its commitment to enhancing shareholder value through organic growth strategies, including improvements noted in their Rule of 40 metrics. CEO Mike Gianoni highlighted successful implementation of key initiatives in early 2023 aimed at increasing profitability, revenue, and cash flow. Blackbaud remains focused on executing its growth strategy and has been recognized for its commitment to social impact.

Blackbaud (NASDAQ: BLKB) is intensifying its commitment to empower nonprofit organizations by enhancing low-code development skills, aimed at democratizing the social impact software sector. The company supports clients like Preble Street, a Maine-based nonprofit, with its Raiser's Edge NXT solution, which facilitates automation and efficiency, significantly reducing administrative burdens. Notably, Preble Street reported automation of over 20 processes, saving 10 hours per week. Blackbaud is expanding training programs and resources, including a series of workshops and webinars, to foster a community of low-code developers within the nonprofit sector.