Upland Software Acquires Cloud-Based Customer Data Platform BlueVenn For $51.9M

Upland Software Inc (NASDAQ: UPLD) announced the acquisition of a cloud-based customer data platform (CDP), BlueVenn, for $51.9 million in cash. The purchase price also includes a cash holdback of $2.4 million payable in 12 months.
The acquisition will enable Upland customers to centralize consumer data further supported by omnichannel digital engagement strategies to drive the business from a single vendor.
BlueVenn offers the ability to access online and offline consumer data sources from in-store to email to mobile in one centralized location and enables companies to optimize omnichannel marketing campaign performance by revealing unique perceptions into decisive buying behaviors. The consumer information is kept secure and compliant with regulations, including GDPR and CCPA.
Upland expects the acquisition to produce annual revenue of $15.5 million. BlueVenn is estimated to produce a minimum of $6.8 million in annual EBITDA upon the integration.
Upland's closing cash balance stood at $250 million as of December 31, 2020.
Price action: UPLD stock was down 1.11% at $49.9 on the last check Tuesday.