Austin-based Upland Software said Wednesday it expects to raise $40 million through a public offering of the company’s common stock.
Upland Software said it plans to sell about 1.86 million shares of its common stock at $21.50 per share. The stock offerings’ underwriters will also have an option to purchase an additional 280,000 shares.
Before expenses, the offering should bring in about $40 million, Upland said. The offering is expected to close by next week, the company said. Upland said it plans to use net proceeds from the offering for general corporate purposes and to fund future acquisitions.
Upland sells software tools aimed at helping workers increase productivity, collaborate, manage content, work more efficiently and track resources and projects. Upland's products are used by more than 2,500 customers and 250,000 workers worldwide, according to the company.
Founded in 2013 by Austin software executive Jack McDonald, 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 more than 10 acquisitions since its founding. Upland last year secured $90 million in financing to allow it to continue its strategy of acquiring more companies.
Upland reported revenue of $74.8 million in 2016. The company has projected revenue for 2017 of $82.5 million to $86.5 million.
Upland Software’s share price was down 38 cents, or 1.7 percent, at $21.67 as of 1 p.m. on Wednesday.
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