Non-Profits Raising Cash on Cloud Says Blackbaud CEO

They may not be in it for the money, but non-profits are indeed spending on new technologies to help them with their fundraising, said Michael Gianoni, CEO of Blackbaud (BLKB) - Get Report . 'The industry is a bit behind in automating,' said Gianoni. 'We are providing new cloud solutions to the industry and we participate in all of the sub-verticals within the industry.' Philanthropic software provider Blackbaud has approximately 35,000 customers, including nonprofits, education institutions, healthcare organizations, corporations, foundations, and other charitable giving entities. The company offers a full range of cloud and on-premise solutions, as well as a resource network that empowers and connects organizations of all sizes. Organizations use Blackbaud technology to raise, invest, manage and award more than $100 billion each year. Shares of Blackbaud, which sports a market-cap of $3.1 billion, are up one percent thus far in 2016 and 27 percent in the past 12 months. Blackbaud provides the software for non-profits to run their businesses and nowadays the focus at these organizations is to mine money from Millennials. Gianoni said millennials donate to charity and other causes differently than previous generations. For example, they are more mobile and more focused on participating in an event than simply giving money.