Austin-based Upland Software reports record revenue

Dec 17, 2014
Austin American Statesman

Austin-based Upland Software on Tuesday reported record revenue for its third quarter, but its net loss for the period widened


Upland had revenue of $16.3 million for the quarter, a 57 percent increase over its $10.4 million in revenue in the same quarter last year, the company said


The company reported a net loss of $2.4 million, or 80 cents per share, compared to a net loss of $1.4 million, or $1.17 per share in the third quarter of 2013


Upland projected fourth quarter revenue of $16.3 million to $16.8 million


The company’s shares closed Tuesday down 77 cents, or 7.7 percent, at $9.16


The earnings report is the first from Upland since the company went public last month. On Nov. 6, Upland raised $46 million in an initial public offering of stock, selling 3.8 million shares at $12 a share


“We are pleased to report record revenues for the third quarter, with solid new customer wins and sizable expansion licenses with existing major accounts,” Jack McDonald, CEO of Upland, said in a written statement. “We have a robust pipeline of strategic acquisitions, and with our IPO completed, we intend to aggressively pursue those opportunities.”


McDonald, a veteran Austin software executive, founded Upland in 2013 by combining three smaller cloud-based software companies in the project management and work management business. The company has grown by buying small software companies that have promising technology but are unlikely to break out as large independent players. Upland has made eight acquisitions to this point


Upland’s products are used by more than 1,200 businesses in industries including financial services, retail, technology, manufacturing and government. Upland’s tools are aimed at helping workers increase productivity, collaborate, manage content, work more efficiently and track resources and projects



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