Upland Software Acquires Waterfall Mobile Messaging Company

Upland Software’s shares rose 4.6% to a record after the cloud-software provider for businesses said it acquired Waterfall International, which has a cloud-based mobile messaging service, and raised its sales and profit forecasts for 2017. The new 52-week range is $7.410 to $24.50.

The purchase price paid for Waterfall was $24.4 million in cash at closing, net of cash acquired, and a $1.5 million cash holdback payable in 18 months, subject to any indemnification claims, Upland said Thursday, adding it will be immediately accretive to adjusted core earnings. Upland also raised its full year 2017 guidance to reflect the Waterfall acquisition, it said.

For the full year Upland expects reported total revenue to be in the range of $91.2 million to $95.2 million, including recurring revenue in the range of $80.0 million to $83.0 million. The latter would be a 24% increase from a year earlier at the midpoint of the range.

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