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The publication, citing people with knowledge of the matter, said that Clearlake was assessing the situation again a year after its last approach was rebuffed.
Blackbaud shares have jumped Thursday, currently up 6% at $77.25 per share after hitting a high of almost $80 earlier in the session.
Clearlake, which already owns about 18.9% of Blackbaud’s outstanding stock, is said to be speaking with potential advisers regarding making a new offer to Blackbaud’s board.
The investment firm has not approached Blackbaud with a proposal yet. However, Bloomberg’s sources suggest that the firm has been in talks with banks and direct lenders about financing packages to support a potential takeover.
The publication cautioned that considerations are still at an early stage, with no certainty Clearlake will decide to pursue a transaction.
