Social impact-focused cloud software company Blackbaud announced today the acquisition of ‘Impact as a Service’ technology provider EVERFI in a cash and stock deal valued at approximately $750 million.
Founded in 2008, EVERFI combines cloud-based software and its community engagement ecosystem to enable private, public, and social sector organizations to respond to challenges through education, activating community engagement, delivered as a service. The company also provides insight to its corporate partners to measure the impact of their educational programs in support of their ESG and CSR goals.
Mike Gianoni, President and CEO, Blackbaud, 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 realize a shared vision of measurable social impact through world-class technology.”
According to Blackbaud, the acquisition doubles the company addressable market (TAM) to more than $20 billion and enables the two companies to help corporations drive social impact across a span of technology-enabled program areas, from community education to volunteering to grantmaking to philanthropy. Additionally, the deal is expected to accelerate revenue growth, and presents cross-sell opportunities, with both companies having substantial penetration into Fortune 500 customers, but minimal customer overlap.
As part of the acquisition, EVERFI’s executive team, and founder and CEO Tom Davidson will join Blackbaud. 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.”