Cloud software giant Blackbaud has announced (opens in new tab) its intent to acquire "impact-as-a-service" company Everfi for $750 million.
Based in Washington, DC, Everfi offers cloud-based online learning tools to private, public, and social sector organisations. Alongside this, Everfi works with a range of groups on corporate social responsibility (CSR) and environmental goals.
The synergies between the two businesses are clear: Blackbaud, working with everyone from non-profits to K-12 schools to faith communities and arts organisations, gains another feather in its cap, one that will generate around $120 million in revenue during 2022, rising 20% over 2021, and reaches 45 million learners globally.
Fiscally smart, socially good
The deal makes a lot of sense. Both companies offer each other extra reach and generate revenue that will help them grow symbiotically.
“As companies continue to invest further in ESG and CSR programs to both give back and meet regulatory demands, they need a partner who can help connect their philanthropic goals to meaningful social impact opportunities,” said Blackbaud CEO Mike Gianoni. “Blackbaud and Everfi will work together to realize a shared vision of measurable social impact through world-class technology.”
Under the terms, Blackbaud will pay $450 million in cash and a further $300 million in common stock. According to Crunchbase (opens in new tab), Everfi has raised over $250 million.
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- Via ZDNet (opens in new tab)