Clearlake Capital, a private equity firm focused on investments in the technology, industrial and consumer sectors, has had a bid worth $3.78 billion to acquire cloud computing provider Blackbaud Inc rejected because it undervalues the company, according to a report by Reuters.
Clearlake Capital, a private equity firm focused on investments in the technology, industrial and consumer sectors, has had a bid worth $3.78 billion to acquire cloud computing provider Blackbaud Inc rejected because it undervalues the company, according to a report by Reuters.
Clearlake, Blackbaud’s largest shareholder with an 18.3% stake in the business, made the all-cash $71 per share offer last week.
On Monday, Blackbaud turned the offer down saying it is “highly opportunistic and significantly undervalues” the company.
Clearlake, which has about $70 billion in assets under management, made an initial investment in Blackbaud in 2020. The firm, which made the headlines last year by acquiring 60% of English premier league club Chelsea FC in a deal worth £4.25 billion, has a portfolio of cloud computing business including Cornerstone OnDemand and Quest Software.
