Blackbaud, a provider of software and services for nonprofits, has agreed to acquire Convio, a provider of on-demand constituent-engagement solutions for nonprofits, in a deal Blackbaud says is worth $275 million.
Under terms of the agreement, approved by the boards of both companies, Blackbaud will acquire all outstanding shares of common stock of Convio for $16 a share and will finance the deal through a combination of cash and debt.
The combined company will have over $440 million in annual revenue and net debt of roughly $240 million.
Gene Austin, president and CEO of Convio, will take on a leadership role at Blackbaud, reporting to Marc Chardon, its president and CEO.
Blackbaud, based in Charleston, S.C., has over 25,000 customers in over 60 countries that raise over $100 billion a year using the company’s technology.
Convio, based in Austin, Tex., has over 1,500 customers in the U.S., Canada and Britain.
In 2010, its U.S. clients used its software and services to raise over $1.3 biolion online, send over 4 billion email message, power over 32 million advocacy actions, and manage relationships with over 248 million constituents.