Blackbaud reports developments in social impact software for nonprofits, foundations, corporations, schools, higher education institutions, healthcare organizations and other mission-driven customers. Company news commonly covers AI-powered fundraising, fund accounting, award management, payments and billing, customer outcomes, product launches and partnerships across its social impact platform.
Recurring updates also include quarterly financial results, guidance, sector research from the Blackbaud Institute, education-market initiatives, and company events such as bbcon. Product and platform themes include Intelligence for Good, Agent for Good, the Development Agent, Raiser's Edge NXT and related tools designed for fundraising, donor engagement, financial management and social impact operations.
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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.
Blackbaud (NASDAQ: BLKB) announced the launch of SKY API® endpoints for Blackbaud CRM™ and Blackbaud Altru®, enhancing customer capabilities in application development. This release enables third-party partners to create integrations rapidly, thus driving better fundraising and constituent engagement results. The APIs are available for all hosted Blackbaud CRM customers and will extend to Blackbaud Altru customers later this spring, with on-premises access expected in late 2023. Customers can also utilize the Microsoft Power Platform to automate processes and join the SKY Developer Community for additional support.
Blackbaud reported its 2022 financial results, achieving a total revenue of over $1 billion for the first time, reflecting a 14% year-over-year growth. The fourth quarter saw GAAP revenue of $274.8 million, up 10.8%, despite a GAAP net loss of $21.3 million. Non-GAAP metrics showed stronger performance, with adjusted EBITDA increasing to $67.9 million. Looking ahead, Blackbaud anticipates 2023 revenue guidance between $1.08 billion and $1.11 billion, aiming for a 30% adjusted EBITDA margin. Despite operational challenges, the company remains focused on profitability and enhancing shareholder value.
A recent study by Lynch Research Associates highlights the effectiveness of EVERFI's Prescription Drug Safety curriculum, demonstrating significant gains in students' knowledge and attitudes towards prescription drug use. Conducted in schools across the U.S., the program has reached nearly one million students since its introduction in 2018. Key findings reveal improved personal responsibility, accurate perceptions of social norms, and enhanced refusal skills among participants. The curriculum shows lasting impact, with positive behavioral intent maintained over 30 days post-completion. EVERFI, part of Blackbaud (NASDAQ: BLKB), emphasizes the importance of drug safety education to combat rising prescription drug misuse.