Citing financial stress from the COVID-19 pandemic, South Carolina software business Blackbaud Inc. initiated a minor round of layoffs that took effect May 19.
The Daniel Island-based technology company would not disclose how many of its 3,400 employees were affected by the payroll cutback, stating only “it was a small percentage of our overall workforce.”
Blackbaud sells software and services that helps schools, churches, charities and other nonprofit groups raise money and manage their operations. Those institutions are struggling with fewer donations and revenue than usual.
In addition to the job cuts, Blackbaud had taken other steps to mitigate the effects of the pandemic. It has halted quarterly dividends to shareholders, cut executive salaries, frozen hiring and suspended contributions to employee retirement accounts.
“Despite those efforts, the impact of the pandemic on the global economy and our customers continues to evolve and remains uncertain,” a spokeswoman for the company said in a statement. “We have made the very difficult decision to reduce our workforce in order to preserve the long-term success of our mission to support the social good community.”
During a recent call with investors, chief financial officer Tony Boor warned that “there is now a great deal of uncertainty ahead in terms of how this COVID-19 disruption will impact our market, the economy and our company.”
Blackbaud isn’t alone in cutting jobs. Benefitfocus Inc., the other big tech employer on Daniel Island, announced it would lay off 250 workers in late April. And Boeing Co. has said it will need to reduce its headcount by 10 percent, affecting an unspecified number of workers at its North Charleston operations.
Blackbaud has offices worldwide, with most of its workers based at the Charleston headquarters.
With 2020 about halfway over, the South Carolina Research Authority says it has distributed $1.6 million in grants and investments to South Carolina startups.
Twenty companies received checks from the state-chartered institution, with the largest — $250,000 — going to Greenville-based cybersecurity firm Hook Security.
SCRA’s mentorship program for startups, SC Launch, has invested $950,000 so far this year.
Separately, the authority says it has invested $1.5 million into companies under its COVID-19 program in grants, loans and investments.
Reach Mary Katherine Wildeman at 843-607-4312. Follow her on Twitter @mkwildeman.