The $16 per share deal to acquire Convio (CNVO) by Blackbaud (BLKB) translates into an enterprise value that is slightly below that projected by our March 2011 SaaS valuation model but is still within about 10% of the target. We believe, the price reflects Convio's relatively small revenue of $77 Million and sub-par growth, profitability and efficiency as measured by the MGI Index (CNVO MGI Index is 643). In our view, the valuation offered is also a function of a dearth of potential buyers in this space. BLKB paid a 49% premium vs. the last closing price for CNVO but still seemingly got a good deal.