In a Form 4 filed with the SEC last Friday, Timothy V. Williams (chief financial officer and senior vice president of Blackbaud Inc) reported he exercised options for 40,000 shares Wednesday for $4.80 apiece and then sold all of them the same day for $28.02 to $28.31 apiece.
Ironically, while Williams was cashing in, Blackbaud Chief Executive Marc Chardon gave an extensive interview which appeared in Investor's Business Daily and CNN Money this week.
The company started in 1981 as an early accounting program for educators. Today, Blackbaud has 19,000 customers. They include the National Baseball Hall of Fame, the Chesapeake Bay Foundation, the Make-A-Wish Foundation of Michigan, and the Catholic Diocese of Dallas.When asked who else competes in their market, Chardon said this:
Blackbaud's year-over-year sales growth has risen each of the last three quarters, from 15% to 27%, 32% and 36%. Analysts expect 38% growth this quarter.
Today there are three main kinds of fundraising. In high-touch fundraising, one competitor for us is the BSR part of Sungard Data Systems. Occasionally, the largest organizations might use Siebel (a unit of Oracle ORCL) or Salesforce.com CRM.Previously, this blog has reported on rumors that Oracle might be interested in buying Blackbaud... however, I have no reason to think there is any specific truth to that rumor.
The second kind of fundraising is direct marketing, like for the March of Dimes or Easter Seals. Those groups raise smaller funds, but from a huge database of donors. In January we acquired a company named Target Software, which is a leading provider of that software. Our competitors there include service bureaus (database marketing firms) such as Merkle in the U.S.
The third kind of fundraising involves online fundraising from family and friends for events such as walk-a-thons. In this area, our Blackbaud NetCommunity product competes against Convio and Kintera.