Who Owns Blackbaud Company?

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Who Owns Blackbaud?

Understanding Blackbaud's ownership is key to grasping its market strategy and accountability. Its 2004 IPO shifted ownership to public shareholders, and recent stock repurchases and a rejected buyout bid highlight its evolving ownership dynamics.

Blackbaud, founded in 1981, has grown into a leading cloud software provider for the social good sector. Its journey from a small startup to a publicly traded entity has shaped its current ownership structure.

As of August 2025, Blackbaud (NASDAQ: BLKB) has a market cap between $3.02 billion and $3.06 billion. The company reported $1.14 billion in trailing 12-month revenue as of June 30, 2025. It supports over 40,000 clients globally, facilitating more than $100 billion in donations annually. A comprehensive Blackbaud PESTEL Analysis can further illuminate the external factors influencing its operations and ownership.

Blackbaud's journey began in 1981, founded by Anthony Bakker, who initially developed a computerized billing system for a New York City school. By 1982, Bakker had incorporated Blackbaud Microsystems, focusing on software for private K-12 schools, which eventually led to its prominent fundraising software.

Founding Vision

Anthony Bakker's initial application of computer programming aimed to streamline administrative tasks for educational institutions.

Early Product Development

The company's first product, 'Student Billing,' was an accounts receivable system that paved the way for future software innovations.

Geographic Shifts

Relocations to South Carolina were driven by a desire for a favorable climate and a more cost-effective operational environment.

Initial Funding

Early funding likely comprised founder capital, a common practice for startups before seeking external investment.

Transition to Private Equity

A significant ownership change occurred in late 1999 with the acquisition of a controlling interest by Hellman & Friedman LLC.

Stakeholder Involvement

JMI Equity Fund, L.P. also acquired a stake in the company during the late 1999 transaction.

The late 1999 transaction saw Hellman & Friedman LLC acquire a 62.5% controlling interest in Blackbaud, marking a pivotal moment from founder-led ownership to private equity backing. This shift was instrumental in positioning the company for its subsequent growth phases and eventual public offering, as detailed in the Brief History of Blackbaud.

Key Ownership Change

The acquisition of a majority stake by Hellman & Friedman LLC in late 1999 fundamentally altered Blackbaud's ownership structure.

• Hellman & Friedman LLC acquired 62.5% of Blackbaud.
• JMI Equity Fund, L.P. also became a stakeholder.
• This marked a transition to private equity ownership.
• It preceded future growth and public market entry.

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Blackbaud, Inc. transitioned to public ownership through its Initial Public Offering (IPO) on July 22, 2004, on the NASDAQ Stock Market under the ticker 'BLKB'. This event marked a significant shift in its ownership structure, moving from private to public hands and setting the stage for its subsequent growth and market presence.

The ownership of Blackbaud has evolved considerably since its IPO, with a notable concentration of shares now held by institutional investors. This trend reflects a strong endorsement from major financial entities and signifies their substantial influence over the company's strategic direction and governance. Understanding who owns Blackbaud provides insight into its stability and future trajectory.

Key Institutional Shareholders in Blackbaud

Institutional investors collectively own a significant portion of Blackbaud's stock, indicating substantial confidence from large investment firms.

• Clearlake Capital Group, L.P. holds approximately 20.44% of shares as of March 30, 2025.
• BlackRock, Inc. owns about 10.97% of shares as of March 30, 2025.
• The Vanguard Group, Inc. has around 10.08% of shares as of June 29, 2025.
• Morgan Stanley holds approximately 9.25% of shares as of March 30, 2025.
• State Street Global Advisors, Inc./State Street Corp manages about 3.50% of shares as of March 30, 2025.

Blackbaud's growth has also been fueled by strategic acquisitions, including 21 companies, with notable recent additions like EverFi for $750 million in 2022. These acquisitions have broadened its market reach and technological capabilities, further solidifying its position and influencing the interests of its major shareholders. For those interested in the company's foundational principles, exploring the Mission, Vision & Core Values of Blackbaud offers valuable context.

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As of August 2025, Blackbaud's Board of Directors consists of eight members, with Andrew M. Leitch serving as the independent Chairman. Mike Gianoni holds the positions of President, Chief Executive Officer, and Vice Chairman of the Board. The board also includes Deneen DeFiore, Yogesh K. Gupta, Rupal S. Hollenbeck, D. Roger Nanney, Bradley Pyburn, and Kristian Talvitie, with a majority being independent directors.

Blackbaud operates as a publicly traded entity on Nasdaq, which typically signifies a standard one-share-one-vote structure for its common stock, meaning voting power is generally aligned with share ownership. This structure is common for companies listed on major exchanges, ensuring that each share of common stock carries equal voting rights. The board's composition, with a strong majority of independent directors, underscores a commitment to robust corporate governance and oversight, aiming to protect shareholder interests and guide the company's strategic direction effectively.

Board's Fiduciary Duty in Action

The Board of Directors demonstrated its commitment to shareholder value by rejecting a buyout offer from Clearlake Capital Group, L.P. This decision was made even though Clearlake Capital was a significant shareholder, holding over 20% of the company's shares.

• The board's primary responsibility is to act in the best interest of all shareholders.
• Rejecting the offer indicated the board's belief in Blackbaud's independent future growth prospects.
• This action highlights the board's independent fiduciary duty, separate from major shareholder influence.
• Understanding such decisions is key to analyzing Growth Strategy of Blackbaud.

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Recent developments in Blackbaud's ownership profile between 2022 and 2025 show a dynamic approach to capital management and strategic growth. The company has focused on enhancing shareholder value through significant share repurchases while also expanding its market reach via strategic acquisitions.

Blackbaud's ownership structure is heavily dominated by institutional investors, reflecting confidence in its long-term strategy and market position. As of March 2025, these large entities held a substantial 98.22% of the company's shares. This high level of institutional ownership, coupled with a relatively low insider holding of 1.96%, indicates that the company's direction is largely guided by its major financial stakeholders. The company's leadership, with Mike Gianoni serving as CEO and President since January 2014, has overseen significant strategic moves, including the acquisition of EVERFI in January 2022 for approximately $750 million, which aimed to broaden its total addressable market to over $20 billion and boost revenue growth. More recently, the acquisition of UBIQ Education in May 2024 further signals a commitment to expanding its offerings. The rejection of Clearlake Capital Group's buyout offer in 2024 underscores the company's focus on its independent strategic path, even in the face of significant investor interest. This approach aligns with broader industry trends where companies navigate shareholder value creation through buybacks while maintaining strategic autonomy against activist pressures. Understanding these dynamics is crucial for grasping the Revenue Streams & Business Model of Blackbaud.

Institutional Dominance

Institutional investors held 98.22% of Blackbaud shares as of March 2025. This signifies strong backing from major financial entities.

Shareholder Value Focus

Significant share repurchase programs, totaling $800 million, demonstrate a commitment to returning value to shareholders. Plans for 2025 include buying back 3% to 5% of outstanding shares.

Strategic Acquisitions

The acquisition of EVERFI in January 2022 for $750 million expanded market reach. UBIQ Education was acquired in May 2024, indicating ongoing growth strategies.

Leadership Stability and Independence

Mike Gianoni has led the company since 2014, providing stable leadership. The rejection of a buyout offer highlights a commitment to independent strategic direction.

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