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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 held its Semi-Annual Product Update Briefings, unveiling hundreds of product updates and sharing roadmaps for key products, emphasizing the integration of AI to drive social impact. The company showcased enhancements for Blackbaud Raiser's Edge NXT® and Blackbaud Financial Edge NXT®. Blackbaud CRM™ will feature a new user interface in 2025, with improved accessibility and security. Updates for K-12 Education Solutions and Corporate Impact Solutions were also highlighted.
Blackbaud, a leading provider of software for social impact, announced strong 2024 Q1 results, with total revenue up 6.7% to $279.3 million and GAAP recurring revenue up 7.4% to $271.5 million. The company made progress in profitability, repurchased 5.5% of outstanding stock, and expects to achieve the Rule of 40 for the year. Non-GAAP metrics showed growth across the board, with adjusted EBITDA up 31.8% to $88.9 million. Recent highlights include share repurchases, innovation in fundraising software, a new credit facility, and success in charity fundraising events.
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