Business
Upland Software Acquires Second Street
AUSTIN, Texas--(BUSINESS WIRE)-- Upland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based tools for digital transformation, has acquired Second Street
About this update from Upland Software, Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nUpland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based tools for digital transformation, has acquired Second Street Media, Inc., a leading audience engagement cloud software platform. Adding Second Street to Upland’s product portfolio will provide Upland’s customers the power to build promotions and email campaigns that grow revenue, customer databases, and consumer engagement.\n\n“Our customers need to deliver content experiences consumers enjoy interacting with and benefit from,” said Jack McDonald, chairman and CEO of Upland. “Contests and interactive content are a proven and effective way to engage, attract, and retain consumers, and Second Street delivers this at scale. Matt and the team have developed strong products, have a complementary customer base, and we’re excited to welcome Second Street and their customers to Upland.”\n\nWith Second Street, businesses can quickly create powerful cross-channel, opt-in customer experiences with a catalog of 700 template and customizable sweepstakes, contests, brackets, quizzes, and more. The results are better engagement, revenue growth, and smart audience development to improve conversion and provide rich segmentation for future campaigns. Upland will integrate Second Street into its Customer Experience Management product suite, which includes email and mobile messaging solutions.\n\n“Like Upland, Second Street is driven by delivering value for our customers. We take great pride in the success we have built and are excited to become part of a company with the strategy and resources to expand the value our customers get from audience engagement. Joining Upland is a great opportunity for Second Street and our customers,” said Matt Coen, co-founder and president of Second Street.\n\nBusiness Outlook\n\nThe purchase price paid for Second Street was $25.4 million in cash at closing (net of cash acquired), paid out of cash on hand, and a $5.0 million cash holdback payable in 12 months (subject to indemnification claims). The foregoing excludes any potential future earn-out payments tied to additional performance based goals. Upland expects the acquisition to generate annual revenue of approximately $9.4 million, of which all is recurring, and will not be subject to reductions for deferred revenue discount as a result of GAAP purchase accounting. ...