(Bloomberg) -- Clearlake Capital Group LP is exploring a renewed effort to take Blackbaud Inc. private, according to people with knowledge of the matter, roughly a year after its last approach was rebuffed by the cloud software provider. The stock rose as much as 10%. 

The investment firm is talking to potential advisers about making a fresh offer to Blackbaud’s board, the people said, asking not to be identified discussing confidential information. Clearlake already owns about 18.9% of Blackbaud’s outstanding stock, according to a filing.

While Clearlake has not yet approached Blackbaud with a proposal, the firm has reached out to banks and direct lenders about financing packages that could support a potential takeover of the company, the people said.

Deliberations are still at an early stage and there’s no certainty Clearlake will decide to pursue a transaction, the people said. A representative for Charleston, South Carolina-based Blackbaud declined to comment. Representatives for Clearlake didn’t immediately respond to requests for comment.

Shares in Blackbaud had fallen about 16% since the beginning of the year before Thursday’s gains. The stock was up 6% to $77.46 at 12:31 p.m. in New York on Thursday, giving the company a market value of $4 billion.

Blackbaud rejected an unsolicited $71 per share cash offer from Clearlake in March 2023, which it said at the time was “highly opportunistic” and significantly undervalued the “tangible momentum” in its business.

Founded in 1981, Blackbaud is a cloud software provider focused on “the social good community,” according to its website. It works with nonprofits, foundations and education institutions and has operations in the US, Australia, Canada, Costa Rica and UK.

(Updates with trading in first and fifth paragraphs)

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