The combination of Blackbaud and EVERFI is expected to bolster the technology and data-driven impact space besides bringing together a network of K-12 schools, a robust enterprise customer base, and complementary offerings to expand the IaaS vision

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EVERFI acquired by Blackbaud for $750m. (Credit: Gerd Altmann from Pixabay)

US-based cloud software company Blackbaud has acquired EVERFI, a SaaS-based social impact technology provider, in a cash cum stock deal worth around $750m.

As per the terms of the deal, the consideration for EVERFI’s shareholders is made up of nearly $450m in cash and around $300m worth of shares of Blackbaud.

Based in Washington, D.C., EVERFI is engaged in providing Impact-as-a-Service (IaaS) solution and digital educational content to private, public, and social sector organisations.

Established in 2008, EVERFI, through its technology and learning platform, is claimed to have reached over 45 million learners around the world.

By combining its cloud-based software and community engagement ecosystem, the company is said to help its clients respond to some of the most pressing challenges impacting society.

The company’s solutions are designed to address challenges ranging from financial wellness to mental health to workplace behaviour and other highly important topics.

EVERFI also offers critical insight to its corporate partners to help them measure and increase the effectiveness of the educational programmes they take up to support their goals pertaining to environmental, social and governance (ESG) and corporate social responsibility (CSR).

Blackbaud, on the other hand, caters to non-profits, K–12 schools, higher education institutions, faith communities, healthcare organisations, and others. The publicly-listed firm connects and empowers the organisations to boost their impact by providing cloud software, expertise, services, and data intelligence.

EVERFI CEO 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.”

The combination of Blackbaud and EVERFI is expected to bolster the technology and data-driven impact space. Furthermore, it will bring together a huge network of K-12 schools, an enterprise customer base, and complementary offerings to expand the IaaS vision, said Blackbaud.

Blackbaud also expects its total addressable market (TAM) to double to more than $20bn through the acquisition, while gaining a significant cross-sell opportunity with its YourCause offering.

Blackbaud president and CEO Mike Gianoni said: “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 realise a shared vision of measurable social impact through world-class technology.”