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Upland Software Completes another Canadian Acquisition

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Upland Software, Inc.

On October 1, 2019, Upland Software, Inc. ("Upland") acquired InGenius Software Inc. ("InGenius"), a leading Computer Telephony Integration (CTI) solution for enterprise contact centres). Upland, a leader in cloud-based enterprise work management software, can now offer the first Contact Centre Productivity solution suite. This provides a single pane of glass for all voice and customer relationship management (CRM) data, along with enterprise knowledge management and customer sentiment analysis solutions to drive improved contact centre efficiency and customer experience due to the addition of InGenius’ CTI platform.

The acquisition will be immediately accretive to Upland's Adjusted EBITDA per share and adds approximately US$9 million in annualized revenues. InGenius was purchased at a price of US$26.4 million in cash at closing, and a US$3.0 million cash holdback payable in 12 months (subject to indemnification claims). Upland expects the acquisition to generate approximately US$9 million in annual revenue all of which is recurring, subject to reductions for a deferred revenue discount as a result of GAAP purchase accounting, estimated as US$0.8 million for the remainder of 2019. The acquisition is within Upland's target price range of 5-8x pro forma Adjusted EBITDA. It is anticipated that it will generate at least US$4 million in Adjusted EBITDA annually once fully integrated.

Fasken advised Upland Software Inc. with a team led by Jay Lefton (Corporate) and including Christopher Steeves (Tax), Andrew Nunes (Intellectual Property), Daniel Fabiano (Privacy), Maureen Berry (Trusts), Robert Iaccino (Real Estate), and Shane Todd and Megan Beal (Employment).



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