Blackbaud Completes Convio Acquisition, Reports Q1 EarningsLauren Ratcliffe / Charleston Regional Business Journal
The acquisition of Convio was delayed repeatedly to allow the Department of Justice time to review the deal. Approval was granted in late April, and the deal closed last week.
"We believe our combined organization is much better positioned to meet the multi-channel supporter engagement needs of nonprofit organizations, and both teams are eager to move forward," said Blackbaud CEO Mark Chardon.
"We believe our acquisition of Convio is happening at just the right time," he added.
The acquisition is expected to bring 1,500 customers to the Blackbaud network and to result in approximately $6 billion in online fundraising.
Chardon said the acquisition will help the company capture more of the market for online fundraising done by nonprofit groups.
"The addition of Convio will enhance our ability to bring value to this large and underserved market," Chardon said. "We're very excited for the prospects of our company."
Blackbaud also released its first quarter earnings. The company posted revenue of $94.7 million for the quarter, up 9% over last year.
Chardon cited subscription growth and higher education clients as reasons for the growth in revenue.
Net income and earnings per share were down from last year. The company's first-quarter net income was $2.8 million, compared to $7.2 million in the first quarter of 2011. Earnings per share came in at 6 cents per share, compared to 17 cents per share in the prior-year quarter.