Austin Tech Firm Convio Acquired by Competitor
Austin based tech firm Convio – which sells fundraising and outreach software to non-profits (including KUT) – has agreed to be purchased by South Carolina-based Blackbaud, a competitor that sells similar software.
The agreement was announced today on Blackbaud’s website. In a press release, the company wrote “The acquisition of Convio will combine the two companies’ strengths to accomplish a common mission – making multi-channel supporter engagement a reality – at a faster pace than either company could achieve on its own.”Convio has over 400 employees, the bulk of whom are in the Austin area. The company is routinely listed as a top place to work by the Austin American-Statesman and Austin Business Journal. There's no word at this time as to how Austin workers will be impacted by the purchase.
However, Blackbaud’s purchase price of Convio – $16 a share, a dollar below one market estimate of $17 – has created an avalanche of press releases from law firms investigating whether the purchase price was sufficiently protective of shareholders.