Blackbaud Completes Acquisition of Convio
Charleston, S.C. (May 7, 2012) - Blackbaud today announced that it has completed its acquisition of Convio, a leading provider of on-demand constituent engagement solutions. Under the terms of the merger agreement, Blackbaud paid an aggregate purchase price of approximately $325 million. Blackbaud financed the deal through a combination of cash and borrowings from its credit facility.
"This is an exciting day for the Blackbaud and Convio teams. Together, we can build better solutions for nonprofits, and that's what drives us," said Marc Chardon, Blackbaud's chief executive officer. "Convio's strengths in online and social marketing, and subscription and cloud-based offerings complement ours, and will accelerate our ability to deliver more to the nonprofit sector."
"Having worked with both Convio and Blackbaud over the past few years, we are pleased to see this new development," said Major George Hood, National Community Relations Secretary for The Salvation Army. "Being able to work with one vendor across multiple channels of engagement will be a benefit to The Salvation Army, and we are confident Blackbaud will continue to help us more effectively engage with our donors and supporters."
Originally announced on January 17, 2012, the acquisition followed the completion of the tender offer Blackbaud made through its wholly owned subsidiary, Caribou Acquisition Corporation, for all the outstanding shares of Convio common stock for $16 per share, net to the seller in cash, without interest and less any applicable withholding taxes. Immediately prior to the merger, Caribou Acquisition Corporation held approximately 90.4% of Convio's outstanding common stock. As a result, Blackbaud was able to complete a "short-form" merger under Delaware law where all outstanding shares of Convio common stock that were not previously tendered (other than shares held by Caribou Acquisition Corporation or Convio stockholders that properly exercise appraisal rights under Delaware law) were converted into the right to receive the same consideration paid to stockholders in the tender offer. Blackbaud assumed Convio equity awards that were unvested as of closing. Convio's common stock has ceased trading on the Nasdaq Global Select Market.