USA – Upland Software, Inc. (NASDAQ: UPLD), an Austin, Texas-based company that allows global businesses to accelerate digital transformation with a cloud software library, received a $115m strategic equity investment from HGGC.
The investment, in the form of a new class of convertible preferred stock issued at a premium to Upland’s current market price, provides incremental capital intended to capture the M&A opportunity set that is expected to emerge as a result of the current macroeconomic environment. It also brings additional strategic and operational support as HGGC and Upland work together to strengthen the company’s go-to-market capability to fully leverage the value of its enterprise customer base and strong product portfolio.Led by Jack McDonald, Chairman and Chief Executive Officer, Upland provides a library of products that delivers “last mile” plug-in processes, reporting, and job specific workflows. The company serves 1,800+ enterprise customers.The financial terms of the newly issued convertible preferred stock are as follows, subject to the terms and conditions set forth in the definitive agreements:Rod Favaron will be stepping down from his position as President effective as of August 31, 2022. In addition, Upland today reaffirmed its guidance for the second quarter ended June 30, 2022. Upland will report its full second quarter results on August 3, 2022.16/07/2022
