Continuing its strategy of growing through acquisitions, Austin-based Upland Software said Thursday that it has agreed to purchase a California that makes mobile messaging software.
Upland Software said it will pay $24.4 million in cash for San Francisco-based Waterfall International, along with an additional $1.5 million cash holdback.
Waterfall International’s acquisition will add $9 million in annual review for Upland Software, the company said. The two company’s products will be called Upland Mobile Messaging, Upland officials said.
"Upland Mobile Messaging is now the industry leader in engaging prospects, customers, and communities with compelling mobile content at an enterprise scale," Jack McDonald, chairman and CEO of Upland Software, said in a written statement. "This combination provides Upland with an unparalleled feature-set that delivers value and deep services expertise to organizations in retail, consumer packaged goods, media and entertainment, health care, government and advocacy."
Upland said it now projects full-year revenue for 2017 to be between $91.2 million and $95.2 million. The company also raised its projected full-year adjusted EBITDA – earnings before interest, taxes, depreciation and amortization -- is expected to be in the range of $28 million to $31 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. The company secured $90 million in financing last year to allow it to continue its strategy of acquiring more companies.
Upland has made more than 10 acquisitions since its founding, including the January acquisition of Massachusetts-based software company Omtool for $19.2 million.
Upland Software in June also announced plans for a secondary stock offering that the company projected could raise up to $40 million.
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