Upland shares boosted by report
Austin software vendor sees price more than double over 12 months.
Austin-based Upland Software saw its shares surge on Friday, a day after the company reported financial results that exceeded Wall Street expectations and issued stronger guidance for the current quarter.
Upland’s shares jumped 8 percent for the day, closing at $15.59. The company’s share price has more than doubled in the past 12 months.
Upland sells software tools aimed at helping workers increase productivity, collaborate, manage content, work more efficiently and track resources and projects. Upland’s products are used by more than 2,500 customers and 250,000 workers worldwide, according to the company.
Founded in 2013 by Austin software executive Jack McDonald, the company has grown by buying small software companies
that have promising technology but are unlikely to break out as large independent players.
Upland has made more than 10 acquisitions since its founding. Upland last year secured $90 million in financing to allow it to continue its strategy of acquiring more companies.
For its fourth quarter, Upland reported a loss of $2 million, or 12 cents per share. That exceeded Wall Street expectations, as the average estimate of analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.
The company reported revenue of $19.4 million in the period, which also topped Street forecasts. Analysts surveyed by Zacks expected $19 million in revenue.
For the full year, the company said its loss narrowed to $13.5 million, or 82 cents per share. Full-year revenue was $74.8 million.
For the current quarter, Upland Software said it now expects revenue of $20 million to $20.8 million, at the high end of its previous projections.
The company also said it now expects full-year revenue of $82.5 million to $86.5 million.
“Q1 is coming in strong with continued success in expanding our customer relationships enabling us to affirm our healthy Q1 outlook at the upper end of the revenue and adjusted EBITDA ranges we announced back in January,” McDonald, the company’s CEO, said in a written statement.
Upland CEO Jack McDonald launched the firm in 2013.