Upland Software draws $59 million on revolver to fund acquisition

By Angela McDaniels

Tacoma, Wash., Oct. 7 – Upland Software, Inc. drew $59 million on its revolving credit facility to help fund its acquisition of Altify Inc., according to a company news release.

The company used $56 million of cash on hand to pay the remainder of the $84 million purchase price.

The draw increased Upland's gross debt to $409 million. Its net debt is now about $353 million.

Upland has the option to draw at least $100 million more under the revolver.

Upland makes cloud-based enterprise work management software and is based in Austin, Tex. Altify provides customer revenue optimization cloud solutions and is based in San Jose, Calif.

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