Blackbaud’s Wide Moat Helps the Company Lead the Pack in Fundraising and Education

We believe Blackbaud is deeply entrenched in the social-good community and expect its leadership to continue to drive the space forward over the long term as it transitions to a subscription model. Such transitions tend to pressure near-term results, but we think the worst is behind the company and that results should naturally improve over the next couple of years. We also see the company as among the most negatively affected from the pandemic within our software coverage, so as the world returns to normal, Blackbaud is benefiting.