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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) has announced its first featured speakers for the bbcon 2020 Virtual event taking place from October 6-8, 2020. Notable speakers include Dr. Cornel West, Justin Dillon, Alice L. Ferris, and Meico Marquette Whitlock. The event has already attracted nearly 15,000 registrants globally, indicating strong interest in the topics to be covered. A preview of 100 session topics has been released, promising a range of discussions aimed at empowering and connecting the social good community.
Blackbaud (NASDAQ: BLKB) hosted its first virtual innovation marathon, Off the Grid, engaging over 400 global employees and customers. This event, held on Aug. 14, 2020, generated 72 new project ideas, focusing on solutions for the social good community. Highlights included an app to track philanthropy, video streaming integration for church management, and an immersive experience to understand beneficiary needs. Additionally, nearly 100 children of employees participated in STEM projects, marking a successful blend of innovation and community engagement.
Blackbaud (NASDAQ: BLKB) has launched its new Prayer Wall technology, enabling congregants to share and support prayer requests online. This feature was rapidly developed during the COVID-19 pandemic to assist churches transitioning to virtual formats. Key functionalities include anonymous prayer sharing, privacy options, and a tally feature to track support. The capability is included at no extra cost with Blackbaud Church Management. Quick adoption indicates strong demand for this technology, which enhances community connection and engagement.
Blackbaud (NASDAQ: BLKB) has announced the promotion of Brandon Sharrett to president and general manager of Blackbaud Faith Solutions™. Sharrett, who joined Blackbaud in 2019, previously served as the director of sales and interim president for the faith solutions vertical. His extensive experience includes leadership roles at Fiserv and SEI Investments. Blackbaud continues to enhance its offerings for faith communities, having launched Blackbaud Church Management™ to streamline church operations by integrating various systems. The leadership change aims to drive growth in this vital business sector.
The Blackbaud Institute has released a new report titled The State of the Social Sector: Navigating in a Time of Uncertainty, which aims to help social good organizations adapt to the changing landscape of 2020. The report highlights that despite widespread changes, philanthropy trends are positive, with individual giving continuing to dominate charitable contributions, showing a 1.2% increase compared to June 2019. The report provides insights into how past events impact giving behavior and aims to equip organizations with data-driven strategies for resilience.
Blackbaud (BLKB) reported Q2 2020 financial results, revealing a total GAAP revenue of $232.0 million, a 2.8% increase year-over-year. Recurring revenue reached $216.3 million, making up 93.2% of total revenue. GAAP net income rose to $11.8 million, with diluted earnings per share at $0.24. Non-GAAP income from operations stood at $54.5 million, with a non-GAAP diluted EPS of $0.85. Although the company maintains a positive outlook, it cautioned that current market uncertainties might pressure near-term revenue growth.
Blackbaud (NASDAQ: BLKB) has announced the launch of registration for bbcon 2020 Virtual, an online conference aimed at empowering social good. Due to the COVID-19 pandemic, attendance is free, allowing a global audience to participate. The event promises three days of thought leadership, technology trends, and networking opportunities. Blackbaud aims to transform the conference experience to address the challenges faced by organizations in the social good sector. Detailed information regarding sessions and speakers will be shared soon.
Blackbaud (NASDAQ: BLKB), a leading cloud software company, sponsored the all-virtual Social Innovation Summit 2020, attracting 6,000 participants from 75 countries. VP Rachel Hutchisson discussed the resilience of giving, highlighting a consistent $7 billion annual increase in U.S. donations over the last 40 years. Notably, political donors contributed over $800 million to campaigns and were also generous to other causes. During economic challenges, those who could give increased their donations by 40%. Hutchisson expressed optimism for the future of philanthropy.
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