Blackbaud to announce 1Q earnings, update Convio acquisition
Blackbaud will release its quarterly earnings after the markets close Thursday, but perhaps even more anticipated than the financial report is an update on the Daniel Island-based software company’s planned acquisition of Texas competitor Convio.
After months of regulatory uncertainty, the U.S. Department of Justice closed its antitrust review of the $275 million deal last week. The government clearance was the final significant hurdle to combining the public companies, both of which sell fundraising software to nonprofits.
In the wake of that news, Blackbaud CEO Marc Chardon, who had predicted the deal would close by the end of March when he announced it in January, issued a statement saying he was “extremely pleased to achieve this milestone.” Blackbaud, half of whose roughly 2,200 employees work out of its Charleston headquarters, had been hoping to avoid a more rigorous, costly and time-consuming formal review by the Justice Department, not to mention an outright rejection of the merger.
“We look forward to completing the tender offer process and then closing the merger,” he said. “We are ready to deliver the benefits we see for the merger to our customers, as well as to our employees and stockholders.”
The acquisition is a major move for Blackbaud, as Austin-based Convio counts more than half the top 50 U.S. charities among its more than 1,500 customers.
Chardon is expected to address the status of the closely watched deal during a 5 p.m. conference call. Click here to hear a webcast of that discussion.