Blackbaud to buy Smart Tuition for $190 million
This acquisition expands Blackbaud's footprint into the tuition management market and positions the company to offer more comprehensive solutions to K-12 private schools.
Under the purchase agreement for the transaction, Blackbaud will acquire all of the outstanding equity interests of Smart Tuition for an aggregate purchase price of $190 million.
The closing of the transaction is expected to occur within 90 days, subject to certain closing conditions, including the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended.
Blackbaud expects to finance the acquisition with cash on hand and borrowings under its existing credit facility.
For more than 25 years, Smart Tuition has focused exclusively on financial solutions that help schools improve back office processes, enhance communication with parents and eliminate inefficiencies with easy to use, anywhere-accessible solutions that support tuition and financial aid management.
The company's product suite, which includes Smart Tuition, Smart Aid and Smart for Dioceses, serves thousands of schools and over 300,000 families. ■