On behalf of the Board of Directors of Blackbaud, Inc., we are writing in response to the non-binding indication of interest that Clearlake Capital Group submitted on April 14, 2024, to acquire all of the outstanding shares of Blackbaud common stock for $80.00 per share in cash.
After careful consideration, and in consultation with the Company's independent financial and legal advisors, the Blackbaud Board has unanimously concluded that Clearlake's indication of interest significantly undervalues the Company and is not in the best interests of all Blackbaud stockholders. We are confident in our ability to deliver significant, sustainable value for Blackbaud stockholders that far exceeds $80.00 per share through the continued execution of the Company's business plan.
Sincerely,
/s/ Andrew Leitch
Andrew Leitch
Chairman of the Board of Directors
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Blackbaud, Inc. is a cloud software and services provider. The Company enhances its software with a range of payment processing, analytic and business intelligence services, consulting, training, and professional services, as well as maintenance and technical support. Its specific solutions and services include fundraising and engagement, financial management, grant and award management, education solutions, social responsibility and ESG, payment services, data intelligence, professional and managed services, customer support, and training. Its fundraising and engagement solutions include Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud eTapestry, Blackbaud Luminate Online, Blackbaud TeamRaiser, JustGiving from Blackbaud, Blackbaud Fundraiser Performance Management, Blackbaud Altru, and Blackbaud Guided Fundraising. Its financial management services include Blackbaud Financial Edge NXT, Blackbaud Tuition Management, and Blackbaud Financial Aid Management.
BLACKBAUD, INC. 
