Blackbaud is the leading provider of software and related services to the not-for-profit vertical market. In October 1999, HFCP III purchased a controlling interest in Blackbaud and worked with management to transition the company through its next phase of growth. Blackbaud, which sells mission-critical fundraising, accounting and school administration software and services, realized dynamic growth during HFCP's ownership period and now has an installed base of over 12,000 customers worldwide. Blackbaud executed an initial public offering in July 2004 on the NASDAQ under the symbol BLKB. HFCP III fully exited its investment in Blackbaud in February 2006.