The Austin-based company plans to raise up to $50 million, but it has not yet determined the price range for its stock or the number of shares it plans to offer for sell. It plans to list its stock on the New York Stock Exchange under the symbol “UPLD.”
Upland makes cloud-based enterprise management software. Its software is used to plan, manage and execute projects. It sells its software applications through a direct sales organization. It also sells through distributors and resellers. At the end of last year, Upland has more than 1,200 customers and more than 200,000 users in a variety of industries including financial services, retail, healthcare, technology manufacturing, education and more. The company reports increasing its staff from three employees in 2011 to 277 employees at the end of last year.
Upland’s revenue was $41.2 million in 2013, up from $22.8 million in 2012. It reported a net loss of $2.5 million in 2012 and $9.2 million in 2013.
Upland plans to use the money it raises through its IPO to repay its loans and interest on those loans. And it plans to use the proceeds for working capital and other general corporate expenses including buying other companies.