Mike Gianoni, BlackbaudNonprofit software vendor Blackbaud reported that net income dropped to $25.6 million for the year ended December 31, a decline of 9.4 percent from $28.3 million in 2014. The Charleston, S.C.-based company reported revenue of $637.9 million for the most recently ended year, up 12.8 percent from $564.4 million the prior year.

CEO Mike Gianoni said  during a recent earnings webcast the company was pleased with results in the fourth quarter, especially considering the fact that it was a transition year as Blackbaud began marketing its cloud-based applications, the Raisers Edge NXT and Financial Edge NXT.

Blackbaud has aggressively shifted to a subscription pricing model and last year cost of subscription products hit $167.3 million, a rise of 25.6 percent from $133.2 million in 2014. The company noted that  for the first time results included a full year of revenue from both WhippleHill and MicroEdge, which were purchased in 2014 and also incremental revenue from October's acquisition of Smart Tuition.

Net income was dented by increased amortization of finite-lived intangible assets arising from acquisitions, as well as increased stock-based compensation.

Last modified on Tuesday, 16 February 2016
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