Clearlake Said to Renew Pursuit of Software Firm Blackbaud (1)

Clearlake Capital Group LP is exploring a renewed effort to take Blackbaud Inc. private, according to people with knowledge of the matter, roughly a year after its last approach was rebuffed by the cloud software provider. The stock rose as much as 10%.

The investment firm is talking to potential advisers about making a fresh offer to Blackbaud’s board, the people said, asking not to be identified discussing confidential information. Clearlake already owns about 18.9% of Blackbaud’s outstanding stock, according to a filing.

While Clearlake has not yet approached Blackbaud with a proposal, the firm has reached out to banks ...