MicroEdge LLC said it has entered into an agreement to be acquired by Blackbaud, Inc. (NASDAQ: BLKB).
This acquisition unites MicroEdge´s comprehensive technology solutions for grantmaking, corporate social responsibility and foundation management with Blackbaud´s portfolio of software and services for nonprofits, and uniquely positions the combined companies to serve the entire spectrum of the philanthropic sector.
Under the purchase agreement for the transaction, Blackbaud will acquire all of the outstanding equity interests of MicroEdge for an aggregate purchase price of USD160m. The closing of the transaction is expected to occur in the fourth quarter of 2014. Blackbaud said it expects to finance the acquisition with cash on hand and borrowings under its existing credit facility.
MicroEdge´s suite of products delivers a powerful, integrated and open framework for efficient and effective charitable giving. The company provides innovative solutions that help thousands of organizations raise, invest, manage, and award charitable currency.
Established in 1985, MicroEdge, LLC, is a provider of software and services to the giving community worldwide. MicroEdge solutions deliver a powerful, integrated, and open framework for efficient and effective charitable giving. The company is headquartered in New York City with regional offices throughout the US and supports thousands of clients worldwide. To learn more, visit www.microedge.com.
Serving the nonprofit and education sectors for more than 30 years, Blackbaud combines technology and expertise to help organizations achieve their missions. For more information, visit www.blackbaud.com.