Blackbaud settles 2020 cyber incident with 49 states & DC for $49.5M

BLACKBAUD INC

Settlement with 49 state AGs and DC resolves multi-state investigation of 2020 data breach that exposed over 1M files across 13,000 customers.
Blackbaud pays $49.5M in Oct 2023; amount fully accrued as of June 30, 2023, no impact on 2023 guidance.
Company must comply with consumer protection laws, HIPAA, and enhance cybersecurity programs; no admission of liability.
California AG investigation remains unresolved; company says no assurance of acceptable terms.
Settlement does not affect previously provided 2023 financial guidance.

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