Blackbaud Snatches Up Software Rival Convio For $275M

Law360, New York (January 17, 2012, 6:07 PM EST) -- Fundraising software maker Blackbaud Inc. said Tuesday that it had acquired competitor Convio Inc. for about $275 million to gain a stronger foothold with nonprofit customers in the online and social networking sphere.

Under the terms of the deal, which is expected to close during the first quarter of 2012, Blackbaud will buy Convio’s outstanding stock for $16 per share, a 49 percent premium over the company’s closing price Friday. Blackbaud said it would finance the deal using a combination of cash and debt.

Once the...
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