Upland Software closed an expanded credit facility with Wells Fargo Capital Finance and CIT Bank as joint lead arrangers. The facility provides up to $90 million in borrowing capacity for acquisitions, general corporate purposes and to refinance existing debt.
The facility also permits Upland to issue up to $16 million in subordinated seller notes for acquisitions. In addition, subject to liquidity requirements, the facility permits stock buybacks of up to $8 million.
“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 accelerating our acquisition program and growing the award-winning family of cloud solution we can offer to our customers.”
“We are pleased to complete such an important financing for Upland, which was driven by their continued momentum and success in the market,” said John Leonard, head of Technology Finance, Wells Fargo Capital Finance. “Upland is a leading provider of software solutions and we are grateful for the partnership we enjoy and look forward to their continued growth.”
Jason Cosso, managing director, CIT Communications & Technology Finance, added, “We’re pleased we could put our financing expertise and knowledge of the sector to work for Upland. The company’s leadership team has done an outstanding job executing on their strategy to both grow their top line and expand margins. By supporting Upland, CIT demonstrates our ability to understand their business model and we look forward to supporting their long-term growth strategy.”
Austin, TX-based Upland Software is a provider of cloud-based enterprise work management software.