Charleston, S.C. (April 4, 2016) — Blackbaud, Inc. (NASDAQ: BLKB), the world’s leading cloud software company powering social good, today announced the promotion of Jagtar Narula to senior vice president of corporate strategy and business development, which was effective March 31 upon the retirement of Charlie Cumbaa.
Narula joined Blackbaud in 2014 as the leader of corporate financial planning and analysis, and investment strategy. He led many key initiatives, including work to define product profitability, strengthen forecasting, budgeting and financial reporting, and develop models to inform product investments and pricing decisions. As an instrumental member of the extended corporate development team, Narula steered the negotiations and due diligence for the mergers and acquisitions of WhippleHill, MicroEdge, Smart Tuition, Attentive.ly and AcademicWorks.
Narula has also driven Blackbaud’s investor relations and business planning efforts, and led teams to achieve significant growth in financial analyst coverage. Most recently, he oversaw cross-company strategic planning initiatives to accelerate progress against Blackbaud’s short and long-term business goals.
“Jagtar quickly proved himself a vital asset to our organization,” said Mike Gianoni, Blackbaud president and CEO. “He has served a pivotal role in leading our corporate teams and setting the corporate strategy, while also discovering and shepherding key acquisitions.”
Prior to joining Blackbaud, Narula served as vice president of finance at Xerox Corporation. In this role, he was responsible for managing the financial performance of a global business of hardware and software solutions. Additional roles included vice president of acquisition operations and director of strategy, mergers and acquisitions. In these roles, Narula was responsible for corporate strategy development and acquisition execution and integration, including the largest acquisition in the corporation’s history. His past work to develop a pragmatic “build, buy, and partner” innovation strategy has informed his current role with Blackbaud.
“I’m looking forward to leveraging my previous experience in private equity, M&A, corporate strategy and financial leadership roles to drive strategic and operational decisions for Blackbaud,” said Narula. “Blackbaud is the world leader in providing cloud solutions to nonprofits and the social good market, which has tremendous opportunity in front of it. I am excited to help shape the direction in providing value to our customers and growing the footprint of our business.”
Prior to Xerox, Narula was a principal and vice president at Core Capital Partners, a $350 million technology industry focused private equity fund, and an assistant vice president on the technology, media and telecommunications team at GE Equity, the private equity investment arm of General Electric Company.
Narula holds a bachelor of science in engineering from State University of New York College at Buffalo, and a master of business administration from The Wharton School at the University of Pennsylvania.
Blackbaud (NASDAQ: BLKB) is the world’s leading cloud software company powering social good. Serving the entire social good community—nonprofits, foundations, corporations, education institutions, and individual change agents—Blackbaud connects and empowers organizations to increase their impact through software, services, expertise, and data intelligence. The Blackbaud portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and relationship management, digital marketing, advocacy, accounting, payments, analytics, school management, grant management, corporate social responsibility, and volunteerism. Serving the industry for more than three decades, Blackbaud is headquartered in Charleston, South Carolina and has operations in the United States, Australia, Canada, Ireland, and the United Kingdom. For more information, visit www.blackbaud.com.
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: general economic risks; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; management of integration of acquired companies and other risks associated with acquisitions; risks associated with successful implementation of multiple integrated software products; the ability to attract and retain key personnel; risks related to our dividend policy and share repurchase program, including potential limitations on our ability to grow and the possibility that we might discontinue payment of dividends; risks relating to restrictions imposed by the credit facility; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organization; technological changes that make our products and services less competitive; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from Blackbaud's investor relations department. All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.