Blackbaud, Inc. (NasdaqGS:BLKB) signed an agreement to acquire EverFi from a group of shareholders for approximately $750 million on December 30, 2021. The consideration for the transaction is approximately $450 million in cash and 3.84 million shares of Blackbaud's common stock and is subject to certain customary adjustments. The cash portion was financed with a combination of cash on hand and new borrowing under Blackbaud's credit facilities. EVERFI's executive team led by founder and Chief Executive Officer Tom Davidson will join Blackbaud. The transaction has been approved unanimously by the Board of Directors of Blackbaud and they resolved to recommend that the stockholders of Blackbaud adopt this agreement and approve the merger. The transaction is subject to written consent containing the Blackbaud and Everfi stockholder approval, key employee agreements and restrictive covenant agreements.

The closing of the merger will take place on the first Business Day after the satisfaction or waiver (to the extent permitted by applicable Law) of all of the conditions. The transaction is expected to be significantly accretive to revenue growth in 2022. Goldman, Sachs & Co. served as exclusive financial advisor to EVERFI, and Jeffrey K. Lehrer and J.A. Glaccum of DLA Piper LLP (US) served as legal counsel. Martin A. Wellington, Sara Garcia Duran, Rachel D. Kleinberg, Matthew E. Johnson, Karen Kazmerzak, Heather M. Palmer, Teresa L. Reuter, Peter McCorkell, Clayton G. Northouse, Jen Fernandez and David A. Silva of Sidley Austin LLP served as legal counsel to Blackbaud. Carl Marcellino and Ben Rogers of Ropes & Gray LLP acted as legal advisors in the transaction. BofA Securities, Inc. acted as financial advisor to Blackbaud, Inc.

Blackbaud, Inc. (NasdaqGS:BLKB) completed the acquisition of EverFi on December 31, 2021.