Upland Software (Nasdaq: UPLD), a provider of cloud-based Enterprise Work Management applications, has announced a new credit facility with Wells Fargo Capital Finance. The facility provides up to $60 million in borrowing capacity for acquisitions, general corporate purposes and to refinance existing debt.
The facility permits Upland to issue an additional $10 million in subordinated seller notes for acquisitions. In addition, subject to liquidity requirements, the facility permits stock buybacks of up to $5 million.
“We see significant opportunities to grow Upland through thoughtful, accretive acquisitions that expand our family of cloud-based Enterprise Work Management products,” said Jack McDonald, Chairman and CEO of Upland Software. “This new financing, together with our more than $25 million in cash on hand, gives us strong buying power to execute on our acquisition plan.”
With more than 1,600 customers around the globe, and over 225,000 users, Upland Software would help teams in IT, marketing, finance, professional services and process excellence run their operations smoothly, adapt to change quickly and achieve better results every day.
“The Upland team has an impressive track record and the company’s performance speaks volumes of its effective leadership and ability to execute,” said John Leonard, Head of Technology Finance of Wells Fargo Capital Finance. “We are pleased to accommodate the company’s future acquisition plans and other capital needs. We view this as another example of our ability to deliver a breadth of products and services to support fast growing technology leaders.”