Blackbaud, a cloud software company, declared a "banner year" in announcing its financial results for its fourth quarter that ended Dec. 31.
“This was a banner year for Blackbaud in which we furthered our strategic growth objectives and strengthened the financial profile of the business,” Mike Gianoni, Blackbaud president and CEO, said. "Our recurring revenue reached 80 percent of total revenue in the fourth quarter, which is a major milestone for us, and the highest in our company’s history."
He added that the company has accelerated revenue growth and improved profitability while transitioning their solution portfolio from on-premises to the cloud.
“I’m pleased to report that we achieved our 2016 full year financial guidance across all fronts,” Tony Boor, Blackbaud’s executive vice president and chief financial officer, said. “Our strong performance in 2016 resulted in accelerated organic revenue growth, improved profitability and increased cash flow when compared to 2015."