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Upland Software, Inc.’s (UPLD - Free Report) stock soared on Monday morning after the company officially announced it would acquire RightAnswers, Inc.
The Austin, Texas-based cloud computing firm announced its $17.2 million cash purchase of RightAnswers on Monday morning. Upland is also scheduled to pay a $2.5 million cash holdback, which is payable in one year. Along with the acquisition announcement, Upland updated its 2017 guidance to reflect its new, more positive outlook.
Upland’s stock price was up 10.37% to $18.84 per share in morning trading on Monday. Upland is currently a Zacks Rank #3 (Hold).
Upland acquired the cloud-base knowledge management company and its main product, the award-winning Enterprise Knowledge Hub, which can be used to help improve customer service and IT support. The purchase comes amid a big surge in Upland’s stock price, which has skyrocketed from $8.97 per share in early January.
"We are pleased to welcome RightAnswers and their valued customers and partners to Upland," Upland’s Chairman and CEO Jack McDonald said in a press release. "This strategic acquisition is a great product addition for current Upland customers looking to enhance their customer service, IT support, and enterprise-wide collaboration capabilities."
Upland’s RightAnswers purchase will help provide the company with new business advantages according to the statement, and the enterprise work-management company raised its full-year 2017 guidance accordingly.
Upland raised its expected revenue, recurring revenue, and adjusted EBITDA ranges. The company now expects its total revenue to be in the range of $87.0 to $91.0 million. Upland expects its recurring revenue to be in the range of $76.0 to $79.0 million, a 19% increase year-over-year. The new adjusted EBITDA range is expected to be between $26.0 and $29.0 million.
"We are today raising our long-term Adjusted EBITDA margin target to 40% to reflect the increased customer loyalty and operating efficiency we are seeing with UplandOne and as we scale," McDonald said.
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Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
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Here's Why Upland Software Stock Popped Today
Upland Software, Inc.’s (UPLD - Free Report) stock soared on Monday morning after the company officially announced it would acquire RightAnswers, Inc.
The Austin, Texas-based cloud computing firm announced its $17.2 million cash purchase of RightAnswers on Monday morning. Upland is also scheduled to pay a $2.5 million cash holdback, which is payable in one year. Along with the acquisition announcement, Upland updated its 2017 guidance to reflect its new, more positive outlook.
Upland’s stock price was up 10.37% to $18.84 per share in morning trading on Monday. Upland is currently a Zacks Rank #3 (Hold).
Upland acquired the cloud-base knowledge management company and its main product, the award-winning Enterprise Knowledge Hub, which can be used to help improve customer service and IT support. The purchase comes amid a big surge in Upland’s stock price, which has skyrocketed from $8.97 per share in early January.
"We are pleased to welcome RightAnswers and their valued customers and partners to Upland," Upland’s Chairman and CEO Jack McDonald said in a press release. "This strategic acquisition is a great product addition for current Upland customers looking to enhance their customer service, IT support, and enterprise-wide collaboration capabilities."
Upland’s RightAnswers purchase will help provide the company with new business advantages according to the statement, and the enterprise work-management company raised its full-year 2017 guidance accordingly.
Upland raised its expected revenue, recurring revenue, and adjusted EBITDA ranges. The company now expects its total revenue to be in the range of $87.0 to $91.0 million. Upland expects its recurring revenue to be in the range of $76.0 to $79.0 million, a 19% increase year-over-year. The new adjusted EBITDA range is expected to be between $26.0 and $29.0 million.
"We are today raising our long-term Adjusted EBITDA margin target to 40% to reflect the increased customer loyalty and operating efficiency we are seeing with UplandOne and as we scale," McDonald said.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>