Clearlake Renews Pursuit of Software Firm Blackbaud
- Buyout firm saw last approach rejected in March 2023
- US-listed Blackbaud has a market value of about $4 billion
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Clearlake Capital Group LP is exploring a renewed effort to take Blackbaud Inc. private, according to people with knowledge of the matter, roughly a year after its last approach was rebuffed by the cloud software provider. The stock rose as much as 10%.
The investment firm is talking to potential advisers about making a fresh offer to Blackbaud’s board, the people said, asking not to be identified discussing confidential information. Clearlake already owns about 18.9% of Blackbaud’s outstanding stock, according to a filing.