Blackbaud, a provider of cloud software and services for the worldwide philanthropic community, announced it has completed its acquisition of Smart Tuition, a provider of payment software and services for private schools and parents.

Blackbaud purchased all of the outstanding equity interests of Smart Tuition for an aggregate purchase price of $190 million and financed the acquisition with cash on hand and borrowings under its existing credit facility.

According to a related 8-K filing dated February 28, 2014, Blackbaud entered into a $325 million credit agreement with a group of lenders led by SunTrust Bank as administrative agent.

The acquisition of Smart Tuition significantly expands Blackbaud’s addressable market and positions the company to offer the K-12 private schools community a single, well-integrated solution that fully connects schools; including enrollment management, student information, billing and tuition management, learning and content management, fundraising, and more.

Serving the worldwide philanthropic community for more than 30 years, Blackbaud (BLKB) combines innovative cloud software and services, and expertise to help organizations achieve their missions.