Reeher LLC, which develops software to help colleges and universities organize their fundraising, has been acquired by Blackbaud Inc. for an aggregate price of $43 million.

Founder and CEO Andy Reeher is a former Deluxe Corp. marketing executive who did higher education consultant work before founding Reeher LLC in 2002.

The company has grown to more than 60 employees and recently moved to the Osborn370 Building in downtown St. Paul that was the former headquarters building of Ecolab.

“I am thrilled to take this impact to the next level, as we accelerate our innovation velocity and scale by joining with the world’s leading cloud software company powering social good,” said Reeher, who will join Blackbaud with the company.

Analysts who cover Blackbaud for Raymond James & Associates estimated that Reeher’s total revenue is in the $10 million to $15 million range.

Blackbaud, based in Charleston, S.C., is a cloud software company serving nonprofits, foundations, corporations, education institutions and health care institutions. Blackbaud had annual revenue in 2017 of $788.3 million and earned $65.9 million.

“This acquisition will accelerate capabilities for our customers that have major gift and annual fund programs,” Blackbaud President and CEO Michael Gianoni told analysts on the company’s first-quarter earnings call Tuesday morning. “Reeher’s industry-leading fundraising performance management solutions helps drive fundraising effectiveness and improved outcomes.”

Gianoni said the acquisition will be additive to Blackbaud’s 2018 annual revenue but slightly dilutive to operating margin.

Blackbaud shares closed Tuesday at $100.56, down 4.2 percent after announcing first-quarter earnings results earlier in the day. Blackbaud met analysts’ revenue projections but shares were down because the company didn’t raise guidance for the remainder of the year despite the acquisition.