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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.
Blackbaud (NASDAQ: BLKB) announced the appointment of Brandon Sharrett as president and general manager for Blackbaud Corporate Solutions on April 6, 2021. Sharrett, who has been with the company since 2019, will leverage his extensive experience in growing revenue and sales for enterprise institutions to enhance Blackbaud's corporate solutions globally. This segment is a significant growth area, aimed at improving employee engagement and strengthening ESG initiatives across large enterprises.
Blackbaud (NASDAQ: BLKB) released data highlighting the significant impact of philanthropy on the healthcare sector during 2020, reporting healthcare organizations raised $4.9B, a 2.7% increase year-over-year. In-kind donations surged by 61%, particularly for community hospitals. Though cash-giving rose by 2.7%, total transactions fell by 6.7%, indicating larger donations from fewer sources. Blackbaud's solutions helped healthcare entities adapt to challenges posed by COVID-19, with notable growth in online giving by 11.7%.
Blackbaud (NASDAQ: BLKB) announced a significant update to its Blackbaud Grantmaking™ product, introducing a new user interface powered by Blackbaud SKY®. This enhancement provides grantmakers worldwide with advanced tools for efficient grant management accessible on any device. Key features include mobile integration, real-time updates, personalized dashboards, and enhanced security measures. The upgrade is available at no cost to current customers, aiming to support philanthropic efforts, especially in the wake of the COVID-19 pandemic.
On March 12, 2021, Blackbaud (NASDAQ: BLKB) announced its president and CEO Mike Gianoni was recognized as one of the 50 Most Influential People of 2020 by Charleston Business Magazine. This marks Gianoni's third consecutive year on the list, acknowledging his commitment to innovation and inclusive workplace culture. Under his leadership since 2014, Blackbaud has expanded its services to millions across over 100 countries, including major nonprofits and Fortune 500 companies. Gianoni's efforts include prioritizing corporate citizenship and sustainability, with Blackbaud joining the United Nations Global Compact.
Blackbaud (NASDAQ: BLKB) will host a virtual investor session on March 25, 2021, from 10 a.m. to 12 p.m. ET. Executive management will discuss the company's strategic outlook and conduct a Q&A session. Key speakers include Mike Gianoni, Kevin McDearis, Kevin Gregoire, David Benjamin, and Tony Boor. Interested parties can register here. A recording will be archived on Blackbaud's investor webpage post-event.
Blackbaud (NASDAQ: BLKB) announced that several leading higher education institutions, including Baylor University and Clemson University, are successfully implementing Blackbaud CRM to enhance teamwork and fundraising efforts amid the COVID-19 pandemic. A recent study by Zuri Group revealed that institutions using Blackbaud CRM saw an average annual increase of $55.1M in funds raised, with a remarkable 63-percentage-point increase compared to others. Blackbaud's solutions enable comprehensive fundraising management, ensuring improved alumni relations and collaboration across campuses, essential in today's digital landscape.
On February 16, 2021, the Blackbaud Institute released its ninth-annual Charitable Giving Report, analyzing over $40 billion in US charitable donations. The report showed that US charitable giving grew by 2% year-over-year with online donations increasing by nearly 21%. A record 13% of fundraising came from online sources, highlighting a shift towards digital strategies. Although nonprofits faced a drop in giving in early 2020, they rebounded significantly in the latter half of the year, showing resilience in the social good sector.
Blackbaud reported its fourth quarter and full year 2020 financial results, demonstrating a 2.0% increase in total GAAP revenue to $242.6 million.
The company achieved a 4.4% rise in GAAP recurring revenue and a substantial non-GAAP operating margin of 24.0%.
Despite a GAAP net loss of $13.6 million, non-GAAP net income reached $42.0 million.
Looking ahead, Blackbaud aims to achieve its Rule of 40 goal, enhancing operational efficiency and cost-effectiveness.
On February 5, 2021, Blackbaud (NASDAQ: BLKB) announced that its customers can now purchase Blackbaud Learn subscriptions online for flagship products Raiser's Edge NXT and Financial Edge NXT. This initiative follows a surge in engagement in Blackbaud University courses during COVID-19, where nearly 200,000 courses were completed in 2020. Customers reported saving six hours weekly due to improved skills and a 15% increase in fundraising. Blackbaud aims to enhance accessibility and efficiency in learning through a streamlined, three-click ordering process.
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