West Virginia University Foundation Selects Blackbaud Solution to Drive Fundraising Growth and Increase Financial TransparencyCompany Release
Charleston, S.C. (November 2, 2004) - Blackbaud (Nasdaq: BLKB), the leading provider of software and related services designed specifically for nonprofit organizations, announced today that the West Virginia University (WVU) Foundation has selected the company to expand its extensive fundraising programs and improve analysis and reporting on its complex network of funds.
An Integrated Solution
"Blackbaud was the clear choice for us because the company offers an integrated solution with best-in-class functionality for fundraising and financial management," said F. Duke Perry, president and chief executive officer at the WVU Foundation, which secures and administers private funds in support of West Virginia University, the state's flagship and top research university.
"This project - arguably the most important investment we will make in the way we do business - is about empowering our staff by giving them hands-on access to critical information," said Perry. "To achieve this goal, we needed a committed partner. Blackbaud consistently proved to have both superior technology and the very best people to ensure we make the most of our investment."
With state appropriations decreasing, the Foundation is playing an increasingly critical role in augmenting the University's funding with private dollars. To stay competitive, fundraising staff must make full use of prospect and donor information to build stronger relationships and increase donations. In addition, those managing the endowment's 3,500 funds must ensure that key internal and external stakeholders have accurate financial information available at their fingertips at all times.
To this end, the Foundation will deploy a combination of software and services from Blackbaud including The Raiser's Edge(r) (for fundraising management), The Financial Edge™(for financial management), The Information Edge™ (for Business Intelligence) and custom statistical modeling and wealth identification services provided by Blackbaud Analytics™.
"Blackbaud is pleased to work with the WVU Foundation, helping to deploy an integrated solution and empower staff to make more informed decisions," said Robert J. Sywolski, CEO of Blackbaud. "As a company, Blackbaud is focused on turning our deep market knowledge into practical innovations so that organizations like this can raise more money and increase their operational effectiveness."
Business Intelligence for Nonprofits
As part of their new relationship, the WVU Foundation and Blackbaud plan to develop a unique investment accounting system using The Information Edge - the first Business Intelligence tool designed specifically for nonprofit organizations.
The solution will integrate information from more than 60 investment manager portfolios, enabling high-speed analysis and reporting of an increasingly complex portfolio, saving weeks of manual effort.
"In addition to time savings, we needed a solution that would help us turn our information into knowledge," said Darren Williams, the Foundation's chief information officer. "With The Information Edge, the WVU Foundation staff will not only have the tools to make faster and more informed business decisions, but analyze our business in ways previously not possible."
About the WVU Foundation
The West Virginia University Foundation, Inc. is a private nonprofit corporation with assets of more than $670 million and an endowment nearing $350 million. It was chartered in 1954 to secure, hold, and administer funds and properties given by individuals, corporations and philanthropic foundations in support of West Virginia University and its affiliated organizations. Such gifts provide needed funds for scholarships, fellowships, faculty development, academic programs and research, modern equipment and more.
About Blackbaud, Inc.
Blackbaud is the leading global provider of software and related services designed specifically for nonprofit organizations. More than 12,500 organizations – including the American Red Cross, Bowdoin College, the Chesapeake Bay Foundation, the Crohn's & Colitis Foundation of America, the Detroit Zoological Society, Episcopal High School, Help the Aged, the Mayo Foundation, the New York Philharmonic and United Way of America – use Blackbaud products and consulting services for fundraising, financial management, business intelligence and school administration.
Blackbaud's solutions include The Raiser's Edge(r), The Financial Edge™, The Education Edge™, The Patron Edge™, The Information Edge™, WealthPoint™ and ProspectPoint™, as well as a wide range of consulting and educational services.
Founded in 1981, Blackbaud is headquartered in Charleston, South Carolina, and has operations in Toronto, Ontario, Glasgow, Scotland, and Sydney, Australia. For more information, visit www.blackbaud.com.
Blackbaud, the Blackbaud logo, The Raiser's Edge, The Financial Edge, The Education Edge, The Patron Edge, The Information Edge, WealthPoint and ProspectPoint are trademarks or registered trademarks of Blackbaud, Inc.
Except for historical information, all of the statements, expectations and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based.
In addition, other important factors that could cause results to differ materially include the following: risk associated with successful implementation of multiple integrated software products; lengthy sales and implementation cycles, particularly in larger organizations; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; adoption of our products and services by nonprofits; risk associated with product concentration; economic conditions and seasonality; competition; risks associated with management of growth; risks associated with acquisitions; technological changes that make our products and services less competitive; the ability to attract and retain key personnel; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge upon request from Blackbaud's investor relations department.
Integrated Corporate Relations, Inc.
West Virginia University Foundation
SOURCE: Blackbaud, Inc.