D.C. ed-tech company EverFi Inc. has been sold for $750 million, less than six months after dispatching its higher-education business for $100 million.
Blackbaud Inc. (NASDAQ: BLKB), a Charleston, South Carolina, cloud software company, announced Monday it bought EverFi in a cash-and-stock deal “subject to certain customary adjustments.” EverFi is expected to add an estimated $120 million in 2022 revenue to Blackbaud’s balance sheet.
Per the terms of the deal, EverFi shareholders will receive $450 million in cash in 3,844,423 shares of Blackbaud common stock, valued at roughly $300 million. Blackbaud financed the cash with a combination of cash on hand and new borrowing.
“Blackbaud and EverFi have similar cultures and a strong sense of purpose,” EverFi CEO Tom Davidson said in a statement. “Together we offer an unparalleled commitment to customers, innovation and data-driven social impact, making us the one distinctive leader in the social impact space.”
EverFi will remain…
Read the full story from the Washington Business Journal.
