Charleston, S.C. (July 23, 2004) -- Blackbaud, which makes fundraising and not-for-profit accounting software, went public yesterday with an offering of 8.1 million shares at a price of $8 a share, far below previous expectations.

That price was well below the $10-to-$12-per-share range reported earlier this month by Dow Jones as the range set by the underwriters, while the reported 8.1 million shares is considerably lower than the 9.1 million share offering size listed in the company’s most recently filed amendment of its S-1 form. The underwriter’s over-allotment option was also lowered to 1.2 million shares, from the original plan of 1.365 million.

Blackbaud makes the Raiser's Edge fundraising software, which provided 72 percent of its $118 million revenue for the year ended Dec. 31. The company also markets the Financial Edge line of accounting software.

None of the shares were sold by the company, which planned to use up to $10 million of its money to buy 977,517 shares from founder Anthony Bakker. Bakker sold the company to a venture capital group in 1999.

-- WebCPA staff

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