Charleston-Based Blackbaud Goes Public for $64 Million

CHARLESTON,Blackbaud, a provider of software and services to the nonprofit industry, went public last week, generating $64 million.

Blackbaud (Nasdaq: BLKB) sold 8.1 million shares at $8 per share. Shares were sold on Thursday.

The shares were sold by existing Blackbaud stockholders, and they will receive the net proceeds, the company said.

J.P. Morgan Securities Inc. and Bank of America Securities LLC managed the offering. Thomas Weisel Partners LLC and Wachovia Capital Markets, LLC also participated.

More than 12,500 organizations use Blackbaud products and consulting services for fundraising, financial management, business intelligence and school administration.

Private Equity Wire reported that Blackbaud had hoped to raise between $10 and $12 a share.

Hellman & Friedman LLC acquired the firm in 1999 and remains the majority stockholder, according to PE Wire.

Blackbaud: www.blackbaud.com