Yes, Volunteer Hub is a Blackbaud Technology Partner and can be integrated with installed and Hosted versions of The Raiser's Edge.

http://www.volunteerhub.com/partners/blackbaud/

If you have Volunteer Hub or obtain Volunteer Hub and need it added to the Blackbaud Hosting Servers, this request will be handled by Volunteer Hub.  They will confirm you have a valid and current license for Volunteer Hub and they will request the plugin be added to your Hosted RE database.  This request must come from Volunteer Hub directly.