AUSTIN, Texas, Nov. 16,
2016 /PRNewswire/ -- Upland Software, Inc. (Nasdaq: UPLD), a leader
in cloud-based Enterprise Work Management applications, today
announced an expanded credit facility with Wells Fargo Capital
Finance and CIT Bank, N.A. 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."
About Upland Software
Upland Software (Nasdaq: UPLD) is a leading provider of
cloud-based Enterprise Work Management software. Our family of
applications enables users to manage their projects, professional
workforce and IT investments, automate document-intensive business
processes and effectively engage with their customers, prospects
and community via the web and mobile technologies. With more
than 2,000 customers and over 235,000 users around the world,
Upland Software solutions help customers run their operations
smoothly, adapt to change quickly, and achieve better results every
day. To learn more, visit www.uplandsoftware.com.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain
asset-based lending services, senior secured lending services,
accounts receivable and purchase order finance services, and
channel finance services of Wells Fargo & Company and its
subsidiaries, and provides traditional asset-based lending,
specialized senior and junior secured financing, accounts
receivable financing, purchase order financing and channel finance
to companies across the United
States and internationally. Dedicated teams within Wells
Fargo Capital Finance provide financing solutions for companies in
specific industries such as retail, software publishing and
high-technology, commercial finance, staffing, government
contracting and others. For more information, visit
wellsfargocapitalfinance.com.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $65 billion in assets.
Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal
Housing Lender) has more than $30
billion of deposits and more than $40
billion of assets. It provides financing, leasing and
advisory services principally to middle market companies across
more than 30 industries primarily in North America, and equipment financing and
leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California, operating as OneWest
Bank, a division of CIT Bank, N.A. www.cit.com.
Forward-looking Statements
This release contains forward-looking statements which are
subject to substantial risks, uncertainties and assumptions.
Accordingly, you should not place undue reliance on these
forward-looking statements. Forward-looking statements include any
statement that does not directly relate to any historical or
current fact and often include words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "seek," "will," "may"
or similar expressions. Actual results may differ materially from
those indicated by such forward-looking statements as a result of
various important factors, including: our financial performance and
our ability to achieve, sustain or increase profitability or
predict financial results; our ability to attract and retain
customers; our ability to deliver high-quality customer service;
lack of demand growth for enterprise work management applications;
our ability to effectively manage our growth; our ability to
consummate and integrate acquisitions and mergers; maintaining our
senior management and key personnel; our ability to maintain and
expand our direct sales organization; the performance of our
resellers; our ability to adapt to changing market conditions and
competition; our ability to successfully enter new markets and
manage our international expansion; fluctuations in currency
exchange rates; the operation and reliability of our third-party
data centers and other service providers; and factors that could
affect our business and financial results identified in
Upland's filings with the
Securities and Exchange Commission (the "SEC"), including
Upland's most recent 10-K and our
recent Quarterly Report on Form 10-Q filed with the SEC. Additional
information will also be set forth in Upland's future quarterly reports on Form
10-Q, annual reports on Form 10-K and other filings that
Upland makes with the SEC. The
forward-looking statements herein represent Upland's views as of the date of this press
release and these views could change. However, while Upland may elect to update these
forward-looking statements at some point in the future,
Upland specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing the views of Upland as of any date subsequent to the date
of this press release.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use the
following non-GAAP financial measures: Adjusted EBITDA, non-GAAP
net income (loss) and non-GAAP net income (loss) per share, and
constant currency revenue.
We use these non-GAAP financial measures for financial and
operational decision-making and as a means to evaluate
period-to-period comparisons. Our management believes that these
non-GAAP financial measures provide meaningful supplemental
information regarding our performance and liquidity by excluding
certain expenses and expenditures that may not be indicative of our
recurring core business operating results, such as our revenues
excluding the impact for foreign currency fluctuations or our
operating performance excluding not only non-cash charges, but also
discrete cash charges that are infrequent in nature. We believe
that both management and investors benefit from referring to these
non-GAAP financial measures in assessing our performance and when
planning, forecasting, and analyzing future periods. These non-GAAP
financial measures also facilitate management's internal
comparisons to our historical performance and liquidity as well as
comparisons to our competitors' operating results. We believe these
non-GAAP financial measures are useful to investors both because
they allow for greater transparency with respect to key metrics
used by management in its financial and operational decision-making
and they are used by our institutional investors and the analyst
community to help them analyze the health of our business. For a
reconciliation of these non-GAAP financial measures to the most
directly comparable GAAP financial measures, see the tables
provided in our press release dated November
10, 2016.
Upland defines Adjusted EBITDA
as net income (loss), calculated in accordance with GAAP, plus net
income (loss) from discontinued operations, depreciation and
amortization expense, interest expense, net, other expense
(income), net, provision for income taxes, stock-based compensation
expense, acquisition-related expenses, non-recurring litigation
costs, and purchase accounting adjustments for deferred
revenue.
Investor Relations Contact:
Mike Hill
Upland Software
512.960.1031
investor-relations@uplandsoftware.com
Media Contact:
Kaley Ganino
Upland Software
512.960.1010
media@uplandsoftware.com
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SOURCE Upland Software, Inc.