Blackbaud Acquires N.J. Based Tuition Management Company - Smart Tuition

Daniel Island-based Blackbaud signed an agreement today to acquire Smart Tuition for $190 million, according to a company news release.

Woodbridge, N.J.-based Smart Tuition provides payment software for thousands of private schools. Its financial products aim to improve accounting and recordkeeping processes and communications with parents.

Blackbaud creates software products for nonprofits around the world. This acquisition expands Blackbaud's footprint into the tuition management and K-12 private schools market, Blackbaud President and CEO Mike Gianoni said in a statement.

Blackbaud will acquire all of the outstanding equity interests of Smart Tuition under the purchase agreement. Blackbaud expects to finance the acquisition with cash on hand and borrowings under its existing credit facility.

The transaction is expected to occur within 90 days, subject to certain closing conditions, including waiting periods under antitrust law, according to the news release. Sagent Advisors LLC served as financial adviser to Blackbaud.

Kevin Mooney, Blackbaud executive vice president and president of general markets, said: "K-12 private schools now have a single, trusted partner to help them create a fully connected school --- from enrollment to student information, student billing and tuition management, learning and content management and more."

The announcement comes about a year after Blackbaud acquired WhippleHill, a software company focused on the K-12 market. Blackbaud also acquired MicroEdge LLC, a software firm for the nonprofit sector, in fall 2014.

During the company's recent second-quarter earnings call, Gianoni said the company plans to grow its market share and increase revenues through strategic acquisitions.