FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Chasen Michael L 		2. Issuer Name and Ticker or Trading Symbol

BLACKBOARD INC [ BBBB ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
CEO, President
(Last)          (First)          (Middle)

650 MASSACHUSETTS AVE, NW, 6TH FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

3/15/2010
(Street)

WASHINGTON, DC 20001
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   3/15/2010     S (1)    10915   D $41.37   (2) 144678   D    
Common Stock   3/15/2010     M    4424   A $14.00   149102   D    
Common Stock   3/15/2010     S (1)    4424   D $41.15   (3) 144678   D    
Common Stock   3/15/2010     M    2949   A $14.00   147627   D    
Common Stock   3/15/2010     S (1)    2949   D $41.03   (4) 144678   D    
Common Stock   3/15/2010     M    92627   A $17.00   237305   D    
Common Stock   3/15/2010     S (1)    92627   D $41.39   (5) 144678   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)   $14.00   3/15/2010     M         4424    6/18/2005   (6) 6/18/2014   Common Stock   4424   $0.00   0   D    
Stock Option (right to buy)   $14.00   3/15/2010     M         2949    4/1/2005   (7) 4/1/2014   Common Stock   2949   $0.00   0   D    
Stock Option (right to buy)   $17.00   3/15/2010     M         92627    3/1/2006   (8) 3/1/2013   Common Stock   92627   $0.00   95   D    

Explanation of Responses:
( 1)  The sales reported in this Form 4 were effected pursuant to two Rule 10b5-1 trading plans both adopted by the reporting person on February 5, 2010.
( 2)  Reflects the weighted average sale price with the range of sale price from $40.95 to $41.95. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range.
( 3)  Reflects the weighted average sale price with the range of sale price from $40.95 to $41.73. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range.
( 4)  Reflects the weighted average sale price with the range of sale price from $41.02 to $41.04. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range.
( 5)  Reflects the weighted average sale price with the range of sale price from $40.99 to $41.95. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range.
( 6)  The option vested as to 25% of the shares on 06/18/2005 and as to an additional 2.08% of the shares monthly thereafter.
( 7)  The option vested as to 25% of the shares on 04/01/2005 and as to an additional 2.08% of the shares monthly thereafter.
( 8)  The option vested as to 33% of the shares on 03/01/2006 and as to an additional 2.79% of the shares monthly thereafter.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Chasen Michael L
650 MASSACHUSETTS AVE, NW
6TH FLOOR
WASHINGTON, DC 20001 		X
CEO, President

Signatures
/S/ Justin Tan, Attorney-in-Fact for Michael Chasen 3/16/2010
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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