Clearlake makes a $4.1 billion offer to buy Blackbaud

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AK&M 15 April 2024 17:16

Clearlake Capital Group LP has made a bid to acquire Blackbaud Inc., offering $80 per share about a year after its latest offer was rejected by the cloud software provider. This is stated in the media reports.

The offer price of Clearlake is $4.13 billion, based on 51.6 million shares outstanding.

According to the documents, the firm already owns about 18% of Blackbaud's outstanding shares.

Blackbaud rejected Clearlake's unsolicited cash offer of $71 per share in March 2023, which the company said at the time was "highly opportunistic" and significantly underestimated the "tangible momentum" in its business.

Blackbaud, founded in 1981, is a cloud software provider focused on the "community of social good," according to its website. He works with non-profit organizations, foundations and educational institutions and has operations in the United States, Australia, Canada, Costa Rica and the United Kingdom.

Headquartered in California, Clearlake manages over $75 billion in assets through private equity, lending and other strategies. The focus is on investments in technology, industry and the consumer sector.

Clearlake's consultants are Jefferies LLC, JPMorgan Chase & Co., Qatalyst Partners LP and Rothschild & Co.