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These factors partly are offset by its strengthening position in a growing niche software market and its significant base of recurring business. Blackboard's primary target market is the 7,000 North American higher education institutions; its secondary markets are K-12 institutions and international educational institutions. The company has a leading position in the niche course management software market. Although Blackboard benefits from high renewal rates and moderately high switching costs, the market is highly fragmented, and the entry of resource-intensive competitors or open-source software could be a risk. 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The recovery rating of '4', indicates the expectation for average (30%-50%) recovery in the event of a payment default. (For the complete recovery analysis, see Standard&amp;Poor's recovery report on Blackboard Inc. to be published on RatingsDirect immediately following this release.) The corporate credit rating reflects the company's narrow business profile, fragmented and competitive market place, and rapid growth. 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At this time, all participants are in a listen only mode. We will be facilitating a question-and-answer session towards the end of today's conference. (OPERATOR INSTRUCTIONS) As a reminder this conference call is being recorded for replay purposes. I will now turn the call over to Mr. Michael Stanton, Senior Vice President, Investor Relations. Please proceed. ...

</description><pubDate>8/6/2008 6:06:00 PM</pubDate><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Blackboard, Inc.</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Blackboard, Inc. Q2 2008 Earnings Conference Call Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">BBBB</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">4:30pm ET</ccbn:time><title>Blackboard, Inc. Q2 2008 Earnings Conference Call Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T1907660</ccbn:docid><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/656676</link><guid isPermaLink="false">spcred/656676</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Summary from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>6/27/2008 10:35:56 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: Blackboard Inc.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">656676</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Application Software</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The rating on Washington, D.C.-based Blackboard Inc. reflects the company's narrow business profile, fragmented and competitive marketplace, and rapid growth. These factors partly are offset by its strengthening position in a growing niche software market and its significant base of recurring business. Blackboard's primary target market is the 7,000 North American higher education institutions; its secondary markets are K-12 institutions and international educational institutions. The company has a leading position in the niche course management software market. Although Blackboard benefits from high renewal rates and moderately high switching costs, the market is highly fragmented, and the entry of resource-intensive competitors or open-source software could be a risk. Blackboard's operating profile is supported by a substantial base of recurring revenues and</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">091935</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">09227C</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">45103010 451030 4510 45</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Blackboard Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">394870</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">BBBB</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T1822853</link><guid isPermaLink="false">ccbn/T1822853</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><description>...Good day, ladies and gentlemen and welcome to the first quarter #### Blackboard Earnings Call. My name is Latasha, and I will be your coordinator today. At this time, all participants are in a listen-only mode. We will be facilitating our question-and-answer session towards the end of this conference. (OPERATOR INSTRUCTIONS) I would now like to turn the call over to Mr. Michael Stanton, Vice President of Investor Relations. Please proceed. ...

</description><pubDate>5/7/2008 6:06:00 PM</pubDate><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Blackboard, Inc.</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Q1 2008 Blackboard, Inc. Earnings Conference Call Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">BBBB</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">4:30pm ET</ccbn:time><title>Q1 2008 Blackboard, Inc. Earnings Conference Call Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T1822853</ccbn:docid><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T1740896</link><guid isPermaLink="false">ccbn/T1740896</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><description>Q# #### Blackboard, Inc. Earnings Conference Call</description><pubDate>2/5/2008 6:05:00 PM</pubDate><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Blackboard, Inc.</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Q4 2007 Blackboard, Inc. Earnings Conference Call Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">BBBB</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">4:30pm ET</ccbn:time><title>Q4 2007 Blackboard, Inc. Earnings Conference Call Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T1740896</ccbn:docid><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/625667</link><guid isPermaLink="false">spcred/625667</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><title>Bulletin: Blackboard Inc. Ratings Should Not Be Affected By Acquisition Of The NTI Group</title><description>The latest News from S&amp;P</description><pubDate>1/14/2008 6:37:24 PM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">625667</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Application Software</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">NEW YORK (Standard&amp;Poor's) Jan. 14, 2008--Standard&amp;Poor's Ratings Services said today its ratings and outlook on Blackboard Inc. (B+/Positive/--) would not be affected by the company's announced acquisition of The NTI Group Inc. (NTI), a provider of mass notification systems to schools, for $182 million, of which $132 million will be in cash and the remaining amount will be in common stock. The agreement also includes earnout of up to $17 million in common stock based upon the achievement of certain performance milestones. In 2007, NTI had revenue of approximately $30 million. At worst case, Washington, D.C.-based Blackboard's acquisition of NTI would leave operating lease-adjusted debt leverage unchanged at 3.3x as of Sept. 30, 2007, which is</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">091935</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">09227C</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">45103010 451030 4510 45</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Blackboard Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">394870</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">BBBB</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">NEWS</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T1740855</link><guid isPermaLink="false">ccbn/T1740855</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><pubDate>1/14/2008 12:06:00 PM</pubDate><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Blackboard, Inc.</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Blackboard, Inc. Merger &amp; Acquisition Announcement Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">BBBB</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">8:00am ET</ccbn:time><title>Blackboard, Inc. Merger &amp; Acquisition Announcement Transcript</title><description>...Good day, ladies and gentlemen, and welcome to the Blackboard NTI acquisition conference call. My name is Katie and I will be your coordinator for today. At this time, all participants are in a listen-only mode. After the speaker remarks, you will be invited to participate in the question-and-answer session. (OPERATOR INSTRUCTIONS) I would like to now turn the call over to your host for today, Mr. Michael Stanton, Vice President of Investor Relations. Please proceed, sir. ...

</description><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T1740855</ccbn:docid><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/moodys/PR_147332_808887661</link><guid isPermaLink="false">moodys/PR_147332_808887661</guid><moodys:index_mode xmlns:moodys="http://www.alacra.com/moodys">html</moodys:index_mode><moodys:report_type xmlns:moodys="http://www.alacra.com/moodys">Rating Action</moodys:report_type><pubDate>1/10/2008 2:05:30 AM</pubDate><title>Moody's Withdraws Blackboard's Ratings</title><description>Global Credit Research Rating Action # JAN ####   Rating Action: Blackboard, Inc. Moody's Withdraws Blackboard's Ratings Approximately $## million credit facilities ratings withdrawn New York, January ##, #### -- The following ratings...</description><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Blackboard, Inc.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808887661</moodys:org_id><moodys:price xmlns:moodys="http://www.alacra.com/moodys">150.0000</moodys:price><moodys:report_class xmlns:moodys="http://www.alacra.com/moodys">News</moodys:report_class><moodys:format xmlns:moodys="http://www.alacra.com/moodys">html</moodys:format><moodys:issuer_list xmlns:moodys="http://www.alacra.com/moodys">Blackboard, Inc.</moodys:issuer_list><moodys:docid xmlns:moodys="http://www.alacra.com/moodys">PR_147332_808887661</moodys:docid><category>Credit &amp; Investment Research</category><alacra:ip>Moody's Global Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/622847</link><guid isPermaLink="false">spcred/622847</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><title>Blackboard Inc.</title><description>The latest Full Report from S&amp;P</description><pubDate>12/26/2007 6:36:35 PM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">622847</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Application Software</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Strengthening position in a growing niche market; and Significant base of recurring revenue. Narrow business profile; Fragmented and competitive marketplace; and Rapid growth. The rating on Washington, D.C.-based Blackboard Inc. reflects the company's narrow business profile, fragmented and competitive marketplace, and rapid growth. These factors are partially offset by its strengthening position in a growing niche software market and its significant base of recurring business. Blackboard's primary target market is the 6,400 North American higher education institutions, and its secondary markets are K-12 institutions and international educational institutions. The company has a leading position in the niche course management software market. Although Blackboard benefits from high renewal rates and moderately high switching costs, the market is highly fragmented, and the</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">091935</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">09227C</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">45103010 451030 4510 45</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Blackboard Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">394870</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">BBBB</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">FULL</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/622849</link><guid isPermaLink="false">spcred/622849</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><title>Summary: Blackboard Inc.</title><description>The latest Summary from S&amp;P</description><pubDate>12/26/2007 6:36:35 PM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">622849</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Application Software</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The rating on Washington, D.C.-based Blackboard Inc. reflects the company's narrow business profile, fragmented and competitive marketplace, and rapid growth. These factors are partially offset by its strengthening position in a growing niche software market and its significant base of recurring business. Blackboard's primary target market is the 6,400 North American higher education institutions, and its secondary markets are K-12 institutions and international educational institutions. The company has a leading position in the niche course management software market. Although Blackboard benefits from high renewal rates and moderately high switching costs, the market is highly fragmented, and the entry of resource-intensive competitors or open-source software could be a risk. Blackboard's operating profile is supported by a substantial base of recurring revenues</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">091935</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">09227C</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">45103010 451030 4510 45</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Blackboard Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">394870</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">BBBB</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/622459</link><guid isPermaLink="false">spcred/622459</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><title>Blackboard Inc. 'B+' Corporate Credit Rating Affirmed; Outlook Revised To Positive</title><description>The latest News from S&amp;P</description><pubDate>12/21/2007 3:36:00 PM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">622459</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Application Software</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">NEW YORK (Standard&amp;Poor's) Dec. 21, 2007--Standard&amp;Poor's Ratings Services said today that it revised its outlook on Washington, D.C.-based Blackboard Inc. to positive from stable, following continued positive operating trends. The ratings on the company, including the 'B+' corporate credit rating, were affirmed. "The rating on Blackboard reflects the company's narrow business profile, fragmented and competitive market place, and rapid growth," said Standard&amp;Poor's credit analyst David Tsui. These factors partly are offset by a strengthening position in a growing niche software market and a significant base of recurring business. Blackboard's target market primarily is the 6,400 North American higher education institutions, and secondarily, K-12 institutions and international educational institutions. Blackboard has a leading position in</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">091935</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">09227C</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">45103010 451030 4510 45</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Blackboard Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">394870</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">BBBB</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">NEWS</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/622460</link><guid isPermaLink="false">spcred/622460</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><title>Research Update: Blackboard Inc. Outlook Revised To Positive; 'B+' Corporate Credit Rating Affirmed</title><description>The latest Research Update from S&amp;P</description><pubDate>12/21/2007 3:36:00 PM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">622460</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Application Software</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">On Dec. 21, 2007, Standard&amp;Poor's Ratings Services revised its outlook on Washington, D.C.-based Blackboard Inc. to positive from stable, following continued positive operating trends. The ratings on the company, including the 'B+' corporate credit rating, were affirmed. The rating on Blackboard reflects the company's narrow business profile, fragmented and competitive market place, and rapid growth. These factors partly are offset by a strengthening position in a growing niche software market and a significant base of recurring business. Blackboard's target market primarily is the 6,400 North American higher education institutions, and secondarily, K-12 institutions and international educational institutions. Blackboard has a leading position in the niche course management software market. While the company benefits from high renewal rates, and</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">091935</spcred:index_entry_primcusip><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">09227C</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">45103010 451030 4510 45</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Blackboard Inc.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">394870</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">BBBB</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">RESUPD</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/srp/1996326007</link><guid isPermaLink="false">srp/1996326007</guid><srp:index_mode xmlns:srp="http://www.alacra.com/srp">norm</srp:index_mode><description>...Address:#### L Street, N.W., Washington, Dist. Of Columbia ##### Incorporated:DelawareWeb Site: www.blackboard.comSIC Classification: Prepackaged Software (####) Business Description: Blackboard Inc. is a leading provider of enterprise software applications and related services to the education industry. The company's clients include colleges, universities, schools and other education providers, as well as textbook publishers and student-focused merchants who serve these education providers and their students. These clients use the company's software to integrate technology into the education experience and campus life, and to support activities such as a professor assigning digital materials on a class website; a student collaborating with peers or completing research online; an administrator managing a departmental website; or a merchant conducting cash-free transactions with students and faculty through pre-funded debit accounts.Indices:Russell ####, Russell #### IPO Date: ##-##-####...

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