Clearlake Capital Group LP has made a sweetened bid to acquire Blackbaud, Inc. (NasdaqGS:BLKB) offering $80 a share about a year after its last approach was rebuffed by the cloud software provider. The investment firm on April 14, 2024 sent a letter to the Blackbaud board with the non-binding offer, according to a filing April 15, 2024 with the US Securities and Exchange Commission. The bid values the Charleston, South Carolina-based company at $4.13 billion based on 51.6 million shares outstanding, according to data compiled by Bloomberg.

Bloomberg News reported last week that Clearlake was talking to potential advisers about making the fresh offer. The firm already owns about 18% of Blackbaud?s outstanding stock, according to the filing. Blackbaud rejected an unsolicited $71 per share cash offer from Clearlake in March 2023, which the company said at the time was ?highly opportunistic?

and significantly undervalued the ?tangible momentum? in its business. ?The company continues to face substantial operational challenges that require transformational change and investment over many years,?

Clearlake said in its filing. ?We believe these challenges can practically only be addressed as a private company with the support of a strategic party or sponsor.? The private equity firm said Blackbaud?s shares have ?significantly underperformed?

those of comparable software companies. Blackbaud shares have fallen around 9% this year. The stock was up 3% to $79.01 at 2:39 p.m. in New York on April 15, 2024.

Jefferies LLC, JPMorgan Chase & Co., Qatalyst Partners LP and Rothschild & Co. are advising Clearlake, according to the filing April 15, 2024.