More acquisitions are on the way for Austin-based Upland Software.
The company, which has grown by buying small software companies, has closed a $200 million credit facility to do more deals.
Wells Fargo Capital Finance and CIT Bank, N.A. are joint lead arrangers in the facility, which also includes Goldman Sachs Bank USA, Regions Bank and Citizens Bank N.A.
Founded in 2013 by Austin software veteran Jack McDonald, Upland sells software tools aimed at helping workers increase productivity, collaborate, manage content, work form 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 last year for acquisitions, and the new $200 million will allow it to continue on that path.
Upland has made more than 10 acquisitions since its founding, including the July purchase of San Francisco-based Waterfall International.
Under the deal, Upland agreed to pay $24.4 million in cash, along with an additional $1.5 million cash holdback, for Waterfall, which makes mobile messaging software.
McDonald in a statement that the company’s strategy has “grown our top-line revenues, and resulted in a dramatic expansion of our adjusted EBITDA margins to best-in-class status. This new financing will enable us to leverage that success by funding our robust acquisition program and growing the award-winning family of cloud solutions.”
In July, Upland said it 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 - to the range of $28 million to $31 million.
In June, the company announced plans for a secondary stock offering that the company projected could raise up to $40 million.
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