Upland Software prices $46 million IPO

Nov 6, 2014
Austin Business Journal

Upland Software Inc., an Austin-based software company, has set the price on its initial public offering

The company, trading under the stock symbol UPLD, will begin selling 3.8 million common shares at $12 per share on the Nasdaq exchange, starting Thursday, according to documents filed with the U.S. Securities and Exchange Commission on Wednesday

Upland has granted underwriters a 30-day option to purchase as many as 576,923 additional shares until the offering closes Nov. 12

Company officials disclosed that they plan to use the estimated $46 million in proceeds from the offering to pay down debt, fund acquisitions to grow market share, and expand its sales team

In an earlier filing, the company disclosed that it had more than 1,200 customers as of December 2013, and that it nearly doubled its revenue between fiscal year 2012, when it pulled in $22.8 million, and fiscal year 2013, when it brought in $41.2 million. In the first six months of 2014, the company reported revenue of $31.8 million compared to $18.7 million during the year-earlier period

Upland Software has gone by a few different names since its founding by CEO Jack McDonald in 2010 as Silverback Acquisition Corp, with hefty backing from Austin Ventures. In late 2011, it was renamed Silverback Enterprise Group before taking its current name in November 2013. The Frost Bank Tower-based company employs 277

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