US cloud software firm Blackbaud, Inc. (NasdaqGS:BLKB) on April 15, 2024 said its shareholder Clearlake Capital Group, L.P. has approached it with an improved buyout offer of USD 80 per share in cash, valuing the business at USD 4.13 billion (EUR 3.88 billion). The move comes after Blackbaud rejected an unsolicited USD 71 per share cash offer from the US private equity firm in March 2023, describing it as "highly unattractive." The new non-binding proposal was revealed in a letter sent to Blackbaud's board, according to a filing of the software firm with the US Securities and Exchange Commission, which also showed that Clearlake holds an 18.2% stake in the business. ?The company continues to face substantial operational challenges that require transformational change and investment over many years,?

Clearlake said in the letter, adding that Blackbaud can tackle the problems only as a private company "with the support of a strategic party or sponsor". In a separate statement, Blackbaud said it would examine the proposal in consultation with its independent financial and legal advisors, without elaborating further.