He noted the introduction of SKY AI, an artificial intelligence engine, and the more recent debut of Blackbaud Healthcare Analytics, which enables “healthcare institutions to uncover new customers, engage existing patients and deepen relationships with supporters and constituents.” That is coupled with the continuing growth of subscription revenue for Charleston, S.C.-based Blackbaud. The company reported net income for the most recently ended quarter was $11.5 million, an increase of 85.6 percent from $6.2 million a year earlier. First-quarter revenue of $183.6 million represented an increase of 8.5 percent over $169.3 million in last year’s corresponding period. Subscription revenue rose 22 percent to $118.2 million from $96.9 million year over year. Maintenance revenue was $33.8 million for the most recently ended quarter, a decline of 9.1 percent from $37.2 million a year ago. However, Gianoni noted a trend, reported by other companies, that customers switching to cloud subscriptions end up paying 1.5 to 2 times what they were spending on traditional maintenance.
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BLACKBAUD PROMOTES AI Featured
Blackbaud strongly promoted artificial intelligence as this week it reported financial results for the first quarter ended March 31. “We’re enabling data-driven decisions by pairing the industry’s largest data set with the industry’s most advanced set of AI capabilities, ultimately having greater impact on our customers and their missions,” CEO Mike Gianoni said during an earnings webcast.
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