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Blackbaud, Inc. (NASDAQ: BLKB) is a pioneering leader in providing cloud software designed to power social good. This innovative company serves a diverse range of sectors, including nonprofits, foundations, corporations, educational institutions, healthcare organizations, and individual change agents. Founded in 1981 and headquartered in Charleston, South Carolina, Blackbaud has a global footprint with operations in the United States, Australia, Canada, and the United Kingdom.
Blackbaud's comprehensive portfolio includes solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility, school management, ticketing, grantmaking, financial management, payment processing, and analytics. These tools are designed to enhance the impact and efficiency of organizations dedicated to social good. With over 40,000 customers spread across more than 100 countries, the company facilitates the donation of over $100 billion annually.
Recently, Blackbaud has achieved notable milestones. It continues its strategic partnership with the Association of Fundraising Professionals (AFP), sponsoring the AFP ICON conference and launching new AI capabilities for Blackbaud Raiser's Edge NXT®. Other recent news includes an unsolicited acquisition proposal from Clearlake Capital Group and the release of its first-quarter 2024 financial results, showcasing growth in revenue and profitability.
Blackbaud is also investing in technological advancements and partnerships. It recently invested $5 million in UBIQ Education to enhance digital experience ecosystems for K-12 schools. Moreover, Blackbaud's subsidiary, EVERFI, received certification for its Prescription Drug Safety program under the Every Student Succeeds Act (ESSA).
As a testament to its commitment to social impact, Blackbaud's 2023 Impact Report highlights significant progress in its environmental, social, and governance priorities. The company has been recognized on Newsweek's list of America's Most Responsible Companies, Quartz's list of Best Companies for Remote Workers, and Forbes' list of America's Best Employers. Learn more about Blackbaud's solutions and impact at www.blackbaud.com.
Healthy Blue, in partnership with EVERFI, launched a health and wellness initiative providing free digital courses for middle and high school students in Kansas. The courses cover vital topics like mental wellness, prescription drug safety, and underage drinking prevention. Since May, over 1,600 students across nine schools have benefitted from this program, which aims to tackle rising issues related to student mental health and risky behaviors.
The initiative employs interactive, age-appropriate content designed to engage students effectively, thereby promoting healthy decision-making.
On October 11, 2022, Blackbaud (NASDAQ: BLKB) announced a limited duration stockholder rights plan aimed at protecting shareholder interests and ensuring fair value during potential acquisitions. The plan prevents any entity from acquiring 20% or more of Blackbaud's shares without board approval, allowing shareholders to purchase additional shares at a favorable price if this threshold is surpassed. The rights will expire on October 2, 2023. More detailed information will be provided in a Form 8-K filing with the SEC.
On October 11, 2022, EVERFI and Fortune Media announced the 2022 Fortune Impact Initiative, aimed at uniting senior executives from Fortune 500 companies to discuss ESG and CSR practices. This initiative highlights the growing pressure on businesses to address societal issues, including diversity and sustainability. Key events will take place in Atlanta, Georgia, featuring discussions on climate disclosures and employee activism. The program is supported by notable partners, including Coca-Cola Company and TriNet, emphasizing the importance of corporate responsibility in today's business landscape.
Blackbaud (NASDAQ: BLKB) has extended the contract of President and CEO Mike Gianoni for three additional years, through December 2025. Gianoni has been with the company since 2014 and has significantly contributed to its growth, including the integration of its product portfolio and expansion into new markets through strategic acquisitions. The company aims to achieve the Rule of 40 financial framework by the end of 2025, targeting a score of at least 33 in 2023. Under Gianoni's leadership, Blackbaud is positioned for accelerated revenue growth and improved shareholder value.
Blackbaud (NASDAQ: BLKB) has launched two new fee-cover models, Complete Cover™ and Donor Cover, for its Raiser's Edge NXT® and eTapestry® platforms in the U.S. and Canada. These features aim to reduce processing costs for charitable organizations during online transactions. Complete Cover allows organizations to receive 100% of eligible donations, while Donor Cover lets supporters choose whether to cover transaction fees. Both options are now available as standard features for eligible customers, enhancing financial sustainability in fundraising.
The Youth Alcohol Awareness and Education Foundation, supported by Southern Glazer’s Wine & Spirits, has made the AlcoholEdu for High School curriculum available for free to public and private high schools across Miami-Dade, Broward, Dallas, Collin, and New York counties for the 2022-2023 school year. This online program aims to prevent underage drinking through interactive, science-based education. Last year's program resulted in a significant increase in knowledge scores among students, with a 31% improvement. Over 24,151 students have participated since the program's launch in 2017.
Varo Bank has announced the launch of SaveUp, a free savings curriculum for middle schools, in partnership with EVERFI. This initiative aims to reach 4,500 middle schools by June 2024 and is part of the Varo Money Power program. The course, aligned with national financial education standards, empowers students to build savings habits early. Varo emphasizes financial inclusion, with the program expected to enhance understanding of budgeting and savings among low-to-moderate income populations.
The Blackbaud Institute has released a guide titled Philanthropy Through Recession aimed at helping social good organizations navigate economic downturns. Analyzing 40 years of recession data, the study reveals that philanthropy tends to remain resilient despite economic fluctuations. Key findings show that giving usually lags behind stock market volatility by about two years, and total charitable giving has increased by over $300 billion since 1979. The guide includes seven actionable steps for organizations to strengthen their resilience against potential recessions.
Principal Foundation, in collaboration with EVERFI, has launched a free data science and financial literacy curriculum called DataSetGo for U.S. high school students. The program aims to enhance data literacy, as only 21% of 16- to 24-year-olds are data literate. Debuting in 11 markets, it targets 70,000 students by 2025. The pilot program in 2021-2022 reached 6,000 students, doubling their assessment scores. With data scientist jobs projected to grow 31% by 2030, this initiative supports students' educational and career goals, fostering economic mobility.
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