Blackbaud, Inc. announced the sale of its EVERFI Inc. business to an unaffiliated private investment firm, with the transaction closing on December 31, 2024. The sale was completed for a nominal amount, following a diligent and thorough strategic process to address the underperforming asset.
This divestiture allows Blackbaud to sharpen its focus on its core social impact sector, which has demonstrated strong organic growth. The company's YourCause portfolio and Impact Edge solution, which power corporate giving, volunteering, engagement, and impact reporting, will remain integral to Blackbaud's go-forward strategy.
The sale of EVERFI removes a significant financial drag that had negatively influenced Blackbaud's overall revenue and guidance in previous quarters. This strategic move is expected to enable Blackbaud to concentrate resources on its most profitable and mission-critical software and services, enhancing its long-term financial profile.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.