Clearlake Capital, a private equity firm, offered to acquire the remaining 81.7% stake in Blackbaud, a provider of software for powering social impact, for $3.5bn. "Our Board is committed to driving value for all stockholders and regularly reviews our strategy and evaluates opportunities to achieve that goal. "#Clearlake's unambiguous statement that the firm itself does not need to be an acquirer is an overt attempt to put the Company in play opportunistically. Most importantly, the proposal disregards the tangible momentum in Blackbaud's business that we are confident will drive enhanced value for stockholders," Andrew M. Leitch, Blackbaud Chairman. On March 27, 2023, Blackbaud rejects the offer. Clearlake Capital decided to continue with a hostile bid. The offer was raised from $3bn to $3.5bn in April 2024.