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<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange Commission on June&nbsp;13, 2005



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-_____



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B>



<P align="center" style="font-size: 24pt"><B>BLACKBOARD INC.</B>


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or Other Jurisdiction of<BR>
Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>52-2081178</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>1899 L Street, N.W.<BR>
Washington, DC</B><BR>
(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20036<BR>
(</B>Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>Amended and Restated 2004 Stock Incentive Plan</B><BR>
(Full Title of the Plan)



<P align="center" style="font-size: 10pt"><B>Matthew L. Pittinsky<BR>
Chairman of the Board of Directors<BR>
1899 L Street, N.W.<BR>
Washington, DC 20036</B><BR>
(Name and Address of Agent For Service)<BR>
<B>(202)&nbsp;463-4860</B><BR>
(Telephone Number, Including Area Code, of Agent For Service)



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<P>

<DIV align="center">
    <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
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      <TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <!-- VRule -->
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        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
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        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
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        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR style="font-size: 8pt" valign="bottom">
        <TD style="border-left: 3px double #000000; border-top: 3px double #000000">&nbsp;</TD>
        <TD nowrap align="left" style="border-top: 3px double #000000"><font size="2">Title
          of Securities</font></TD>
        <TD style="border-right: 1px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
        <TD style="border-top: 3px double #000000">&nbsp;</TD>
        <TD style="border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000; border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2" style="border-top: 3px double #000000"><font size="2">Proposed</font></TD>
        <TD style="border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000; border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2" style="border-top: 3px double #000000"><font size="2">Proposed</font></TD>
        <TD style="border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000; border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2" style="border-top: 3px double #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-top: 3px double #000000">&nbsp;</TD>
        <TD style="border-right: 3px double #000000; border-top: 3px double #000000">&nbsp;</TD>
      </TR>
      <TR style="font-size: 8pt" valign="bottom">
        <TD style="border-left: 3px double #000000">&nbsp;</TD>
        <TD nowrap align="left"><font size="2">to be Registered</font></TD>
        <TD style="border-right: 1px solid #000000">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="2"><font size="2">Amount to be</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2"><font size="2">Maximum</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2"><font size="2">Maximum</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2"><font size="2">Amount of</font></TD>
        <TD>&nbsp;</TD>
        <TD style="border-right: 3px double #000000">&nbsp;</TD>
      </TR>
      <TR style="font-size: 8pt" valign="bottom">
        <TD style="border-left: 3px double #000000">&nbsp;</TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000">&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="center" colspan="2"><font size="2">Registered(1)</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2"><font size="2">Offering Price Per</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2"><font size="2">Aggregate</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD style="border-right: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2"><font size="2">Registration Fee</font></TD>
        <TD>&nbsp;</TD>
        <TD style="border-right: 3px double #000000">&nbsp;</TD>
      </TR>
      <TR style="font-size: 8pt" valign="bottom">
        <TD style="border-left: 3px double #000000; border-bottom:1px solid  #000000">&nbsp;</TD>
        <TD style="border-bottom:1px solid  #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
        <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000; border-right: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><font size="2">Share</font></TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000; border-right: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><font size="2">Offering
          Price</font></TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000; border-right: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000"><font size="2">&nbsp;</font></TD>
        <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
        <TD style="border-right: 3px double #000000">&nbsp;</TD>
      </TR>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <TR valign="bottom">
        <TD style="border-left: 3px double #000000; border-bottom: 3px double #000000">&nbsp;</TD>
        <TD style="border-bottom: 3px double #000000"><DIV style="margin-left:15px; text-indent:-15px">Common
            Stock, $0.01 par value per share</DIV></TD>
        <TD style="border-right: 1px solid #000000; border-bottom: 3px double #000000">&nbsp;</TD>
        <TD style="border-bottom: 3px double #000000">&nbsp;</TD>
        <TD colspan="3" align="center" style="border-bottom: 3px double #000000">462,308
          shares</TD>
        <TD style="border-right: 1px solid #000000; border-bottom: 3px double #000000">&nbsp;</TD>
        <TD style="border-bottom: 3px double #000000">&nbsp;</TD>
        <TD nowrap align="left" style="border-bottom: 3px double #000000">$</TD>
        <TD align="right" style="border-bottom: 3px double #000000">20.585</TD>
        <TD nowrap style="border-bottom: 3px double #000000">(2)</TD>
        <TD style="border-right: 1px solid #000000; border-bottom: 3px double #000000">&nbsp;</TD>
        <TD style="border-bottom: 3px double #000000">&nbsp;</TD>
        <TD nowrap align="left" style="border-bottom: 3px double #000000">$</TD>
        <TD align="right" style="border-bottom: 3px double #000000">9,516,610.18</TD>
        <TD nowrap style="border-bottom: 3px double #000000">(2)</TD>
        <TD style="border-right: 1px solid #000000; border-bottom: 3px double #000000">&nbsp;</TD>
        <TD style="border-bottom: 3px double #000000">&nbsp;</TD>
        <TD align="left" style="border-bottom: 3px double #000000">$</TD>
        <TD align="right" style="border-bottom: 3px double #000000">1,120.11</TD>
        <TD style="border-bottom: 3px double #000000">&nbsp;</TD>
        <TD style="border-right: 3px double #000000; border-bottom: 3px double #000000">&nbsp;</TD>
      </TR>
      <!-- End Table Body -->
    </TABLE>
</DIV>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>In accordance with Rule&nbsp;416 under the Securities Act of 1933, as amended, this registration
statement shall be deemed to cover any additional securities that may from time to time be
offered or issued to prevent dilution resulting from stock splits, stock dividends or similar
transactions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h)
of the Securities Act of 1933, as amended, and based upon the average of the high and low
prices of the Registrant&#146;s Common Stock as reported on the NASDAQ National Market on June&nbsp;9,
2005.</TD>
</TR>

</TABLE>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">-1-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<P align="center" style="font-size: 10pt"><U><B>Statement of Incorporation by Reference</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 relating to the Amended and Restated 2004 Stock
Incentive Plan of Blackboard Inc. (the &#147;Registrant&#148;) incorporates by reference the contents of the
Registration Statement on Form S-8, File No.&nbsp;333-116612, filed by the Registrant with the
Securities and Exchange Commission on June&nbsp;18, 2004, relating to the Registrant&#146;s 2004 Stock
Incentive Plan, except for the information required by Items 5 and 8, which is contained below.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthew H. Small, Esq., the Registrant&#146;s General Counsel, has opined as to the legality of the
securities being offered by this registration statement.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibit&nbsp;Index immediately preceding the exhibits is incorporated herein by reference.


<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Washington, D.C., on this 13<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of June, 2005.


<P align="left" style="font-size: 10pt; margin-left: 50%">BLACKBOARD INC.


<P align="left" style="font-size: 10pt; margin-left: 50%">By: <U>/s/ Michael L. Chasen</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael L. Chasen<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer and President


<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY AND SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and directors of Blackboard Inc., hereby severally constitute and
appoint Michael L. Chasen, Peter Q. Repetti, Matthew H. Small and Brent B. Siler, and each of them
singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for
us and in our names in the capacities indicated below, the registration statement on Form S-8 filed
herewith and any and all subsequent amendments to said registration statement, and generally to do
all such things in our names and on our behalf in our capacities as officers and directors to
enable Blackboard Inc. to comply with the provisions of the Securities Act of 1933, as amended, and
all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our
signatures as they may be signed by our said attorneys, or any of them, to said registration
statement and any and all amendments thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-0px"><u><B>Signature</B></u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u> <B>Title</B></u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u><B>Date</B></u></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>/s/ Michael L. Chasen</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Executive Officer and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;13, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael L. Chasen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>/s/Peter Q. Repetti</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Financial Officer (Principal Financial
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;13, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peter Q. Repetti
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>/s/ Michael J. Beach</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President, Finance (Principal
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;13, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael J. Beach
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ Matthew L. Pittinsky</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;13, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Matthew L. Pittinsky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ Frank R. Gatti</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;13, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frank R. Gatti</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ Steven B. Gruber</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;13, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven B. Gruber</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Arthur E. Levine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-3-
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
    <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
      <!-- Begin Table Head -->
      <TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-0px"><u><B>Signature</B></U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u><B>Title</B></u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="center"><u> <B>Date</B></u></div></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>/s/ E. Rogers Novak, Jr.</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;13, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">E. Rogers Novak, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>/s/ William Raduchel</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;13, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William Raduchel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-4-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Number</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>Description</U></TD>
</TR>
<TR><TD>&nbsp;</TD></tR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth Restated Certificate of Incorporation of the Registrant</TD>
</TR>
<TR><TD>&nbsp;</TD></tR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated By-Laws of the Registrant</TD>
</TR>
<TR><TD>&nbsp;</TD></tR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Matthew H. Small, counsel to the Registrant</TD>
</TR>
<TR><TD>&nbsp;</TD></tR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Matthew H. Small
(included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR><TD>&nbsp;</TD></tR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP</TD>
</TR>
<TR><TD>&nbsp;</TD></tR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of attorney (included on the signature pages of this
registration statement)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">______________



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>Previously filed with the Securities and Exchange Commission as an Exhibit to the
Registrant&#146;s Registration Statement on Form S-1, as amended (File No.&nbsp;333-113332) and
incorporated herein by reference.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">-5-
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "w09879sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 27043}]
{"company-data": {"conformed-name": "BLACKBOARD INC", "cik": "0001106942", "assigned-sic": "7372", "irs-number": "522081178", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-125777", "film-number": "05892955"}, "business-address": {"street1": "1899 L ST NW", "street2": "5TH FLR", "city": "WASHINGTON", "state": "DC", "zip": "20036"}}
sv8
As filed with the Securities and Exchange Commission on June 13, 2005
Registration No. 333-_____
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
BLACKBOARD INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
52-2081178
(I.R.S. Employer
Identification No.)
1899 L Street, N.W.
Washington, DC
(Address of Principal Executive Offices)
20036
(
Zip Code)
Amended and Restated 2004 Stock Incentive Plan
(Full Title of the Plan)
Matthew L. Pittinsky
Chairman of the Board of Directors
1899 L Street, N.W.
Washington, DC 20036
(Name and Address of Agent For Service)
(202) 463-4860
(Telephone Number, Including Area Code, of Agent For Service)
CALCULATION OF REGISTRATION FEE
Title
          of Securities
Proposed
Proposed
to be Registered
Amount to be
Maximum
Maximum
Amount of
Registered(1)
Offering Price Per
Aggregate
Registration Fee
Share
Offering
          Price
Common
            Stock, $0.01 par value per share
462,308
          shares
$
20.585
(2)
$
9,516,610.18
(2)
$
1,120.11
(1)
In accordance with Rule 416 under the Securities Act of 1933, as amended, this registration
statement shall be deemed to cover any additional securities that may from time to time be
offered or issued to prevent dilution resulting from stock splits, stock dividends or similar
transactions.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h)
of the Securities Act of 1933, as amended, and based upon the average of the high and low
prices of the Registrant's Common Stock as reported on the NASDAQ National Market on June 9,
2005.
-1-
Statement of Incorporation by Reference
This Registration Statement on Form S-8 relating to the Amended and Restated 2004 Stock
Incentive Plan of Blackboard Inc. (the "Registrant") incorporates by reference the contents of the
Registration Statement on Form S-8, File No. 333-116612, filed by the Registrant with the
Securities and Exchange Commission on June 18, 2004, relating to the Registrant's 2004 Stock
Incentive Plan, except for the information required by Items 5 and 8, which is contained below.
Item 5. Interests of Named Experts and Counsel.
Matthew H. Small, Esq., the Registrant's General Counsel, has opined as to the legality of the
securities being offered by this registration statement.
Item 8. Exhibits.
The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.
-2-
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Washington, D.C., on this 13
th
day of June, 2005.
BLACKBOARD INC.
By:
/s/ Michael L. Chasen
Michael L. Chasen
Chief Executive Officer and President
POWER OF ATTORNEY AND SIGNATURES
We, the undersigned officers and directors of Blackboard Inc., hereby severally constitute and
appoint Michael L. Chasen, Peter Q. Repetti, Matthew H. Small and Brent B. Siler, and each of them
singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for
us and in our names in the capacities indicated below, the registration statement on Form S-8 filed
herewith and any and all subsequent amendments to said registration statement, and generally to do
all such things in our names and on our behalf in our capacities as officers and directors to
enable Blackboard Inc. to comply with the provisions of the Securities Act of 1933, as amended, and
all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our
signatures as they may be signed by our said attorneys, or any of them, to said registration
statement and any and all amendments thereto.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Michael L. Chasen
Chief Executive Officer and Director
June 13, 2005
Michael L. Chasen
(Principal Executive Officer)
/s/Peter Q. Repetti
Chief Financial Officer (Principal Financial
June 13, 2005
Peter Q. Repetti
Officer)
/s/ Michael J. Beach
Vice President, Finance (Principal
June 13, 2005
Michael J. Beach
Accounting Officer)
/s/ Matthew L. Pittinsky
Chairman of the Board of Directors
June 13, 2005
Matthew L. Pittinsky
/s/ Frank R. Gatti
Director
June 13, 2005
Frank R. Gatti
/s/ Steven B. Gruber
Director
June 13, 2005
Steven B. Gruber
Director
Arthur E. Levine
-3-
Signature
Title
Date
/s/ E. Rogers Novak, Jr.
Director
June 13, 2005
E. Rogers Novak, Jr.
/s/ William Raduchel
Director
June 13, 2005
William Raduchel
-4-
INDEX TO EXHIBITS
Number
Description
4.1(1)
Fourth Restated Certificate of Incorporation of the Registrant
4.2(1)
Amended and Restated By-Laws of the Registrant
5.1
Opinion of Matthew H. Small, counsel to the Registrant
23.1
Consent of Matthew H. Small
(included in Exhibit 5.1)
23.2
Consent of Ernst & Young LLP
24.1
Power of attorney (included on the signature pages of this
registration statement)
______________
(1)
Previously filed with the Securities and Exchange Commission as an Exhibit to the
Registrant's Registration Statement on Form S-1, as amended (File No. 333-113332) and
incorporated herein by reference.
-5-