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The Austin cloud-based management SaaS firm Upland Software went public this week. The offering was managed by William Blair & Company, LLC, and by Raymond James & Associates, Inc. It will now be listed on the New York Stock Exchange as 'UPLD.'
Upland experienced a fiery market baptism, watching its stock price drop from $12 per share as trading opened to $9.75 on the close of its first day. But considering its explosive growth over the last few years, it was prepared for the risk and to reap a subsequent rebound.
“Upland expects to use the net proceeds of the offering to repay a portion of its bank debt and for working capital and general corporate purposes, including to finance its growth through acquisitions and by expanding its sales force,” an Upland spokesperson said in a statement.
To know what Upland has been through recently is to understand that enduring optimism. In 2011, it had a full-time staff of three. Now, it employs almost 300 people, with 1,200 clients and over 200,000 users in fields from finance to healthcare to education and beyond. Between 2012 and 2013, Upland's revenues skyrocketed from $22.8 million to $41.2 million.
This offering raised $46 million for Upland, giving it strong incentives to keep planning ahead. Its cloud-based enterprise software, which businesses use to plan, manage, and execute projects, should continue to prove useful as managers struggle to streamline and quantify their business initiatives.
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