So did ours. The problem is that most faculty hates it. You need to realize that most professors are quite set in their ways and have been using Blackboard for years, so they're opposing the full roll-out. Even some of the I.T. Faculty want to stick with Blackboard.
Same reason our University had such a hard time switching from Internet Explorer, and is still stuck on Windows XP. Most faculty members are not power users and they want to stick with what they know, no matter how crappy it is.
My university tried to write their own. But then each faculty decided they didn't like it and then wrote THEIR own.
Now I have to log into about 5 different systems to get anything done.