- Upland Software ( NASDAQ: UPLD ) has secured a $115M strategic investment from private equity firm - HGGC.
- The company told Thursday the investment has been made in the form of newly issued convertible preferred shares, convertible into shares of Upland Software at a conversion price of $17.50 each, representing a premium of 30% over Upland's last close.
- On an as-converted basis, it currently represents ~17% of Upland’s common shares outstanding.
- The investment gets HGGC's Partner and Co-Chief Investment Officer David Chung a seat at Upland's Board as a new Director.
- Use of Proceeds: “The HGGC partnership, operational and strategic resources and long-term investment horizon will help us to fully capitalize on the once-in-a-decade acquisition opportunity we see emerging as recent turmoil in financial markets fundamentally reshapes funding and valuations for venture backed cloud software companies,” said Jack McDonald, Upland’s Chairman and Chief Executive Officer.
- In addition, the software company told Rod Favaron will be stepping down as a Upland's president, effective Aug. 31, 2022.
- With guidance reaffirmed , UPLD second quarter's results are scheduled to be announced on Aug. 3, 2022.
- Earlier: Upland Software cracks 11% on series of price target cut
For further details see:
Upland Software raises $115M capital in convertible preferred shares, president steps down