Cloud Software Firm Blackbaud Acquires Washington DC-based EdTech EVERFI For $750M
Blackbaud, the world’s leading cloud software company powering social good has acquired global social impact technology leader EVERFI for $750 million in a cash and stock deal.
With this deal, Blackbaud will expand its position as a leader in the rapidly growing corporate governance and social responsibility space. It will double the company’s market opportunities, and Blackbaud expects the EVERFI acquisition to add $120 million to 2022 revenue.
Post the acquisition, Blackbaud and EVERFI will strengthen the technology and data-driven impact space, benefiting companies committed to social impact, and through them, will drive meaningful outcomes that build a better world. The combination brings together a vast network of K-12 schools, a strong enterprise customer base, recognized excellence in the ESG and CSR sectors, and complementary offerings that will grow the IaaS vision. EVERFI’s executive team and CEO Tom Davidson will join Blackbaud focused on accelerating expansion efforts.
Founded in 2008, EVERFI has pioneered the field of Impact-as-a-Service™ (IaaS). Through a combination of cloud-based software and its unique community engagement ecosystem, the company enables private, public and social sector organizations to respond to some of today’s most pressing challenges through education, activating community engagement at scale, delivered as a service.
EVERFI is on a mission to empower organizations everywhere to instil knowledge around critical topics in the classroom, in the office and in the community.
Speaking about the acquisition, CEO of EVERFI, Tom Davidson, said, “Blackbaud and EVERFI have similar cultures and a strong sense of purpose. Together we offer an unparalleled commitment to customers, innovation and data-driven social impact, making us the one distinctive leader in the social impact space. EVERFI’s software powers some of the largest ESG and CSR initiatives in the world, and this alignment will drive impact for millions of learners every year.”
Since its inception, Washington, D.C headquartered EVERFI has reached 45 million students worldwide. Its platforms also enable community engagement, and provide corporate customers with measurable insight for environmental and corporate social responsibility goals.
Last year, EVERFI sold its higher education business which includes online training programs for college students and staffers on alcohol and substance abuse prevention, sexual assault prevention and mental health well-being to Vector Solutions for $100 million.
Mike Gianoni, President and CEO, Blackbaud, added, “As companies continue to invest further in ESG and CSR programs to both give back and meet regulatory demands, they need a partner who can help connect their philanthropic goals to meaningful social impact opportunities. Blackbaud and EVERFI will work together to realize a shared vision of measurable social impact through world-class technology.”
Blackbaud provides cloud software services to non-profits, higher education institutions, K–12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations and companies. The company is driving the digital transformation of the social good community. It is enabling effectiveness and amplifying impact across the ecosystem of goods powered by the solutions and beyond.
Blackbaud’s goal is not just to drive incremental increases to the customer’s outcomes through the software, but to completely transform what is possible for the entire social good.
In 2019, Blackbaud had acquired YourCause, a market leader in enterprise philanthropy, corporate social responsibility and employee engagement software. So far, Blackbaud has acquired 20 companies and invested in multiple sectors such as Non-profits Tech, ERP, Crowdfunding and more.
Like what we do?
The Latest EdTech News To Your Inbox