Upland Software closed a credit facility with Wells Fargo Capital Finance and CIT Bank as joint lead arrangers and Goldman Sachs Bank USA, Regions Bank and Citizens Bank as part of the bank syndicate. The facility provides up to $200 million in borrowing capacity for acquisitions, general corporate purposes and to refinance existing debt.
“Upland’s focus on 100% customer success and smart, accretive acquisitions has built customer loyalty, grown our top-line revenues, and resulted in a dramatic expansion of our adjusted EBITDA margins to best-in-class status,” said Jack McDonald, chairman and CEO of Upland Software. “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 we can offer to our customers.”
“Upland and its leadership team have had a great impact in the cloud-based enterprise work management space,” said John Leonard, head of Technology Finance of Wells Fargo Capital Finance. “Providing financial resources for companies, like Upland, that help shape the future of our technology, is very gratifying and rewarding.”
Austin, TX-based Upland Software is a provider of cloud-based enterprise work management software.