On July 1, 2011, Washington, D.C.-based Blackboard Inc. (NASDAQ: BBBB), publicized a definitive merger agreement with Providence Equity Partners to be acquired by the investment firm in an all-cash transaction sometime in the second half of 2011.
While Blackboard shareholders must still agree to the terms of the buyout, Blackboard continued to post growth in revenue in its second quarter financial results. The educational technology firm reported $124.16 Million in revenue for the quarter, a 15% increase compared to $107.7 Million in 2010.
A net loss of $4.06 Million or $-0.12 cents per diluted share was out of disposition to the second quarter of 2010 when $4.36 Million was made but it continued a loss that was reported in the first quarter 2011.
Blackboard had cash and cash equivalents of $70.31 Million as of June 30, 2011.
The company reached a 52-week range of $32.55 to $50.26, the company currently has a market cap of approximately $1.50 Billion.