Having taken over a dozen online classes during my AA degree classes, I can say with certainty that Blackboard has effectively adapted to the needs of both teachers and students. That ability to adapt to the rapidly changing environment that is the digital world has allowed Blackboard to continue to improve and develop alongside the emergent online classroom of the future.
Blackboard works in both public and corporate sectors of the LMS market. According to a 2012 report by online software analysts Capterra, Blackboard was the third most popular LMS. The report was published in a novel way to increase accessibility (the hallmark of the internet). Here is the link for more information; http://blog.capterra.com/top-lms-software-solutions-infographic/. As already mentioned, I have used Blackboard previously as a student in my own online educational courses, and would gladly do so again.
One other major change from 2012 was the resignation of CEO Michael Chasen. A reactive blog from the time is cited here; http://www.zdnet.com/blackboard-founder-and-ceo-resigns-what-it-means-for-the-lms-industry-7000005898/. The blog does a good job of asking the right questions at that important time for Blackboard and the larger LMS industry in general. The change at the top came 15 years after the system was founded. Gladly, the useful and still relevant LMS is still helping non-traditional students make their own ways in the world.