Upland Software Archives

Austin-based Upland Software has acquired Toronto, Canada-based Solution Q for approximately $5.8 million and plans to retain all of the company’s employees.

It’s Upland Software’s seventh acquisition in three years and is part of the company’s overall strategy to expand its products and services, according to a news release.

Upland, which has 340 employees, plans to retail all of Solution Q’s employees and management.

The acquisition broadens Upland’s Entreprise Work Management software products by adding Solution Q’s Eclipse product line geared to midsize organizations. Solution Q’s Eclipse customers are in the healthcare, education and financial services industries.

“We’re very pleased to welcome the Solution Q team to the Upland family,” Jack McDonald, Chairman and CEO of Upland Software, said in a news release. “This acquisition adds another built-for-purpose product to our family of cloud-based Enterprise Work Management applications and represents the latest step in our commitment to making Upland Software the global leader in this category.”

Upland, which recently went public and is traded on the Nasdaq under the symbol UPLD, provides cloud-based Enterprise Work Management software.

Upland Software filed a registration statement with the Securities and Exchange Commission Friday for an Initial Public Offering.

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.

Tag: Upland Software

Upland Software Acquires Solution Q for $5.8 Million

Austin-Based Upland Software Files to Go Public