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Blackboard to be Added to the Russell 2000(R) Index

WASHINGTON, Sep 20, 2004 /PRNewswire-FirstCall via COMTEX/ -- Blackboard Inc. (Nasdaq: BBBB) today announced its stock has been added to the Russell 3000(R) Index and the Russell 2000(R) Index when Russell Investment Group reconstituted its family of 21 U.S. indexes on Wednesday, September 15, 2004. Membership remains in place for one year.

"We are very pleased that Blackboard has been named to the Russell 2000 and Russell 3000 indices," said Michael Chasen, CEO of Blackboard. "We believe inclusion in these indices will increase our visibility to investors and institutions that rely on them as part of their investment strategy, providing us with the opportunity to expand our shareholder base."

Produced by the Frank Russell Company, the Russell 2000 index is a subset of the Russell 3000, which measures the performance of the 3000 largest U.S.-based companies ranked by market capitalization. The Russell 2000 is an index of the 2000 smallest companies on the Russell 3000 list, offering investors access to the small-cap segment of the U.S. equity universe.

About Blackboard Inc.

Blackboard is a leading provider of enterprise software and services to the education industry. The Company's product line consists of five software applications bundled in two suites, the Blackboard Academic Suite(TM) and the Blackboard Commerce Suite(TM). Blackboard's clients include colleges, universities, schools and other education providers, as well as textbook publishers and student-focused merchants that serve education providers and their students. Blackboard is headquartered in Washington, D.C., with offices and staff in North America, Europe and Asia.

About Russell Investment Group

Russell Investment Group, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages more than $110 billion in assets and advises clients worldwide representing more than $1.8 trillion. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo.

Any statements in this press release about future expectations, plans and prospects for Blackboard and other statements containing the words "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the "Risk Factors" section of our most recent 10-Q filed with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of September 20, 2004. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to September 20, 2004.

SOURCE Blackboard Inc.

Michael J. Stanton of Blackboard Inc.,
202-463-4860, ext. 2305

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