Gradefinity (https://gradefinity.com) is a kind of Blackboard + Scantron LMS alternative that is really targeted in terms of what problems it intends to solve (in-person and online tests, gradebooks, and communication).
Full disclosure: I built it-- I'm very receptive to feedback and feature suggestions though and am looking for pilot schools if anyone is interested in shaping the platform/knows someone who might be.
Some questions: does Gradefinity have the ability for teachers to publish learning modules for collaboration purposes? And orchestrate tasks among themselves? For example two teachers both writing up 200 vocabulary words to make a 400 vocabulary words quiz - can that be merged? Sharing content both between teachers and between classes is extremely important and seems to be underserved by Blackboard. Also do you model classes as being able to span terms, i.e. a two-semester class is a single entity?
In its current form, no-- but the content collaboration and task management you're describing seem reasonably straightforward to implement.
Courses as they exist now are unaware of semesters or terms, and are only tied to the students enrolled. So if the students enrolled in a particular class don't change (or change very little) between two semesters, you could continue use the same course for a 2nd semester if you wanted, or you could import your students into a new class and name the new class "Class Semester 2" for example.
I'm happy to work on features to fit your use case if you're interested in offering suggestions or are looking for a better solution than your current one; my email is brad [at] gradefinity [dot] com and I'm generally pretty available to talk about features/suggestions/demo stuff, etc.
Full disclosure: I built it-- I'm very receptive to feedback and feature suggestions though and am looking for pilot schools if anyone is interested in shaping the platform/knows someone who might be.