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Convio Acquired By Blackbaud For $275M

Austin-based Convio, the developer of software-as-a-service for nonprofits, is being acquired by South Carolina-based Blackbaud, in a deal with an enterprise value of $275M. According to Blackbaud, it will pay $16.00 per share for Convio, creating a combined company with trailing twelve months pro-forma revenue of $440M. Blackbaud is also a provider of software and services for nonprofits. The company said that the offer is a 49 percent premium to Convio's recent closing price.