The final purchase price of the scholarship management platform for schools and foundations also may be subject to adjustments, the SEC filing said.
AcademicWorks’ software enables students to apply for all scholarships at an institution simultaneously, Blackbaud said in a news release. Schools can use the platform for awarding, reporting, compliance and communication.
Blackbaud’s software is designed to help nonprofits and education institutions with fundraising efforts, accounting and grant management. This acquisition will advance Blackbaud’s ability to manage scholarships for clients, the company said.
“Anyone who has ever applied for, awarded or managed a scholarship has experienced how much opportunity there is to streamline the application, tracking and notification process,” said Tim Hill, president of Blackbaud Higher Education Solutions, in the news release.
Blackbaud plans to sell AcademicWorks as a stand-alone solution in the short-term. The platform will eventually be integrated into Blackbaud’s offerings.
All AcademicWorks staff members are expected to become Blackbaud employees, the news release said. Blackbaud already employs more than 300 people at an office in Austin.
This acquisition follows several others by Blackbaud in recent years, including of Bethesda, Md.-based Attentive.ly, New York City-based MicroEdge LLC for $160 million, Bedford, N.H.-based WhippleHill for $35 million and Austin-based Convio Inc. for $325 million.
Blackbaud is currently in the process of building out a new tech campus on Daniel Island. A $154 million company investment will go toward hiring 300 more employees and building a new headquarters near existing operations on Daniel Island. A 360,000-square-foot facility is under construction.
Blackbaud employs 3,100 people globally, with about 1,300 based in the Lowcountry. The tech firm has 35,000 customers in 60 countries.