Austin-based Upland Software just keeps doing what it does — growing by acquiring other software companies.
The company said Friday that it has acquired Massachusetts-based Qvidian Corporation, which makes cloud-based RFP and sales automation software, for $50 million. The acquisition is Upland’s largest to date, the company said.
The deal will add $19.5 million in annual revenue for Upland Software, the company said.
“We are pleased to welcome Qvidian and their valued customers, users, and partners to Upland,” Jack McDonald, chairman and CEO of Upland Software, said in a written statement. “This strategic acquisition further enhances Upland’s Workflow Automation product family with another market-leading cloud offering that delivers intelligent workflows, and improved sales effectiveness and responsiveness through a highly secure and scalable proposal automation solution.”
Upland Software also raised its financial guidance for the current quarter and for full-year 2017 to reflect the deal. Upland says for the fourth quarter, it now expects revenue of $26.5 million to $27.5 million, and that it now expects adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — to be between $9.1 million and $9.7 million.
For the full year, Upland now projects revenue of $96.7 million to $97.7 million and EBITDA of $29.7 million and $30.3 million.
Founded in 2013 by McDonald, 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.
The company has grown by buying small software companies that have promising technology but are unlikely to break out as large independent players. Upland secured $90 million in financing in 2016 for acquisitions and closed on a $200 million credit facility in August to allow it continue on that path.
Upland has made more than 10 acquisitions since its founding, including the August purchase of Plano-based Lucernex Inc.
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