Top NASDAQ Performer Convio Inc. (CNVO), Stock Soars after Company Agrees to be Acquired by Blackbaud (BLKB)
(January 17, 2012) Shares of Convio Inc. (NASDAQ: CNVO), an Austin, Texas-based company, are soaring in trading today. At last check, the Convio stock was trading 47.95% higher at $15.89 on above average volume of 7.86 million.
Convio shares are soaring in trading today after the company agreed to be acquired by Blackbaud Inc. (NASDAQ: BLKB), a leading provider of software and related services designed for nonprofit organizations. Blackbaud and Convio entered into a definitive merger agreement under which Blackbaud will acquire all outstanding shares of Convio common stock for $16 per share.
The offer price from Blackbaud represents a premium of 49% over Convio’s recent closing price. Blackbaud believes that Convio’s strength in online and social is a perfect complement to Blackbaud’s expertise. The acquisition will allow Blackbaud to better serve nonprofit organizations. The transaction has been approved by the Board of Directors of both companies.
Gene Austin, President and CEO of Convio, said that the company expects the combination of Convio and Blackbaud to provide large nonprofit organizations with the best of both worlds, the industry’s strongest online fundraising solution along with market leading CRM capabilities. Austin said that the two companies’ respective solutions, areas of vertical expertise and customer bases are highly complementary.
About Convio Inc.: Convio Inc. provides on-demand constituent engagement solutions that allow nonprofit organizations to raise funds, advocate for change and cultivate relationships with donors, activists, volunteers, alumni and other constituents.
- The Convio stock has a 52-week range of $15.91.
- The stock trades on a daily average volume of 34,669.
- The stock is currently trading above its 50-day and 200-day moving averages, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside and is also above the zero-line, which are strong bullish signals.
Convio announced that it agreed to be acquired by Blackbaud. The company’s shares are soaring following the announcement.