Upland Software, which provides cloud-based project management
software to over 1,200 enterprises, filed on Thursday with the SEC
to raise up to $50 million in an initial public offering.
The company provides its work management software to over 200,000
users across a broad range of industries, including financial
services, retail, technology, manufacturing, education, media,
government and healthcare. Primary shareholders include ESW
Capital (25% pre-IPO stake), Austin Ventures (20%), CEO John
McDonald (19%), Activant Solutions (7%).
Revenue increased 70% to $32 million for the six months ended June
30, 2014. Adjusted EBITDA rose just 24% to $3 million as the
company ramped up sales and marketing and quadrupled research and
The Austin, TX-based company, which was founded in 2010 and booked
$54 million in sales for the 12 months ended June 30, 2014, plans
to list on the NYSE under the symbol UPLD. Upland Software
initially filed confidentially on May 13, 2014. William Blair and
Raymond James are the joint bookrunners on the deal. No pricing
terms were disclosed.
Project management software maker Upland files for
a $50 million IPO
originally appeared on IPO investment manager Renaissance Capital's
web site renaissancecapital.com.
The information and opinions expressed herein were prepared by
Renaissance Capital's research analysts and do not constitute an
offer to buy or sell any security. Renaissance Capital, the
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Global IPO Fund (symbol: IPOSX)
, may have investments in securities of companies mentioned.