Blackbaud Announces Future Acquisition of Crowdfunding Platform JustGiving
Blackbaud is on its way to expand the company’s peer-to-peer offerings with the recent announcement of its future acquisition of JustGiving, a charity crowdfunding platform from the U.K. JustGiving is a significant player in the peer-to-peer space, with individuals from over 164 countries raising over $4.5 billion since 2001. This acquisition “will enhance Blackbaud’s capabilities to serve both individual donors and nonprofits, expanding the peer-to-peer fundraising capabilities Blackbaud offers today,” the company said in a press release.
According to the press release, the company has agreed to acquire JustGiving for an aggregate price of £95 (including all outstanding equity interests), which is subject to adjustments. The transaction is expected to close “at the conclusion of a customary regulatory review in the U.K.” Blackbaud plans to finance this acquisition with cash on hand and borrowings under its credit facility.
“Together, JustGiving’s proven crowdfunding expertise and Blackbaud’s cloud solutions, customer base and leadership in the social economy are a powerful, unmatched combination that will ultimately forge deeper and more effective connections between people and the causes they support. This is the kind of innovation it takes to build a better world.” — Mike Gianoni, president and CEO of Blackbaud
Blackbaud and JustGiving entered into the definitive acquisition last Friday (June 23) and will undergo customary regulatory review in the U.K. This transaction is expected to close later this year.