Blackbaud sells cloud software to social impact organizations — nonprofits, private K-12 schools, higher education institutions, healthcare organizations, foundations, and corporations running philanthropic programs. Its roughly 40,000 customers use Blackbaud's software to raise money, manage donor relationships, run financial operations, process payments, and administer grants and scholarships. The two flagship products are Raiser's Edge NXT, a cloud fundraising and CRM platform, and Financial Edge NXT, a fund accounting solution built for nonprofits and education institutions. Blackbaud also operates JustGiving (peer-to-peer fundraising in the U.K.), YourCause (corporate employee giving software), and Blackbaud Tuition Management (tuition payment processing for K-12 schools). Revenue breaks into two streams: contractual recurring revenue (~64% of total), which are subscription fees recognized ratably over multi-year contracts, and transactional recurring revenue (~34%), which are fees earned on donation processing, tuition payments, and peer-to-peer fundraising volumes. Growth is driven by cross-selling additional modules to existing customers, new logo acquisition, and price escalation at renewal. Blackbaud is also developing agentic AI products under its "Agents for Good" brand, starting with a Development Agent that autonomously cultivates donor relationships on behalf of nonprofits. Profitability improvement is driven by migrating to public cloud infrastructure, expanding a lower-cost workforce in Hyderabad, and deploying AI tools internally. Blackbaud's primary use of capital is share repurchases, having reduced shares outstanding by roughly 13% since late 2023.