Up­land shares boosted by re­port

Austin soft­ware ven­dor sees price more than dou­ble over 12 months.

Austin American-Statesman - - BUSINESS - Amer­i­can-States­man staff

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.

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