Upland Software has announced that it is raising new funds through a share offering. It is aiming to sell 2,750,000 of common stock. As of writing this article the share price of Upland was 44.01 after a small drop. There is no indication what price the company is seeking. Though if it achieves around USD 45 it will raise nearly 124 million dollars. It may still withhold the sale, for example, if it manages to raise the cash in another way. There is money about at the moment for investment though, Kaseya recently announced $500 million from TPG and Insight Partners.

Upland filed the paperwork for this funding with the SEC in December 2018. It was declared effective by the SEC on 31st January 2019. Upland has enjoyed a strong year, revenues rose by 53% to $149.9 million. It also continued its policy of growth through carefully targeted acquisition. Most recently bringing Postup into its portfolio.

Once raised, the funds will be used for its acquisition strategy and for general corporate purposes. How much and when it will raise the funds is not yet known, but one assumes it is imminent.

Enterprise Times: What does this mean

Jack McDonald, CE at Upland is clearly looking for more of the same. With more funds at his disposal Upland is likely to buy more software vendors and further strengthen the seven suites they announced last year. The preliminary prospectus is available from either Credit Suisse Securities (USA) LLC or Jefferies LLC. It will be interesting to see if someone comes in ahead of the offering and who ultimately takes up the shares.

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