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Blackbaud Completes Acquisition of Convio

Blackbaud, Inc. announced that it has completed its acquisition of Convio, Inc., a provider of on-demand constituent engagement solutions. Under the terms of the merger agreement, Blackbaud paid an aggregate purchase price of approximately $325 million. Blackbaud financed the deal through a combination of cash and borrowings from its credit facility.

Originally announced on January 17, 2012, the acquisition followed the completion of the tender offer Blackbaud made through its wholly owned subsidiary, Caribou Acquisition Corporation, for all the outstanding shares of Convio common stock for $16 per share, net to the seller in cash, without interest and less any applicable withholding taxes. Immediately prior to the merger, Caribou Acquisition Corporation held approximately 90.4% of Convio's outstanding common stock. As a result, Blackbaud was able to complete a "short-form" merger under Delaware law where all outstanding shares of Convio common stock that were not previously tendered (other than shares held by Caribou Acquisition Corporation or Convio stockholders that properly exercise appraisal rights under Delaware law) were converted into the right to receive the same consideration paid to stockholders in the tender offer. Blackbaud assumed Convio equity awards that were unvested as of closing. Convio's common stock has ceased trading on the Nasdaq Global Select Market.

Blackbaud plans to support Convio's current offerings, and the companies' combined research and development (R&D) teams will work with customers to improve and extend current products and build new offerings. Blackbaud plans to keep Convio's current office structure, adding key offices in the Bay Area and Austin. Gene Austin, Convio's former president and CEO, will lead the enterprise customer business unit at Blackbaud, reporting to Marc Chardon.

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