Upland Software Files for Initial Public Offering
Upland Software has filed with the U.S. Securities and Exchange Commission (SEC) to have an initial public offering.
Upland Software Inc. has filed with the U.S. Securities and Exchange Commission (SEC) to have an initial public offering (IPO). No terms were given for the offering but it is valued up to $50 million. The company plans to list on the New York Stock Exchange under the symbol UPLD.
The underwriters for this offering are William Blair, Canaccord Genuity, Raymond James and Needham.
Upland provides cloud-based enterprise work management software that enables organizations to plan, manage and execute projects. This software is used primarily in information technology, marketing, finance, professional services and process excellence functions. It provides a family of cloud-based enterprise work management software products that it has built up through a series of acquisitions.
Specifically these software applications address enterprise work challenges in the following categories:
- Program and Portfolio Management
- Project Management and Collaboration
- Workflow Automation and Enterprise Content Management
- Project Workforce Management
- Financial Management
At the end of 2013, the company had more than 1,200 customers and 200,000 users, spanning multiple industries and scales of business.
READ ALSO: Other Likely Enterprise Software Buyout Targets After Concur
Upland revenue has grown to $41.2 million in the 2013 fiscal year from $22.8 million in the previous year, which represents a growth rate of 80%. In the first six months of 2014, revenues rose to $31.8 million, posting a 70% increase from $18.7 million in the same period in the previous year.
The company does not have a definite amount set for what it will do with the proceeds from this offering but it has a plan. First, the net proceeds of this offering will go to repay outstanding and accrued interest under Upland’s loan and security agreements with Comerica Bank. At the end of June, $3.6 million was outstanding as revolving loans and $18.9 million as term loans. Also the company plans to invest the net proceeds in short-term, investment-grade interest-bearing securities.
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
