Upland Software buys marketing platform Adestra in multi-million dollar deal
Upland Software has acquired email marketing platform Adestra for a substainial $56 million fee.
Over 400 brands use Adestra’s fully automated and customisable software, including Greggs, Rapid Electronics, University of Birmingham, Evans Cycles and Conde Nast.
Adestra will now be fully integrated in Upland’s CXM suite; which includes mobile messaging, customer engagement, and knowledge management solutions.
Jack McDonald, chairman and CEO of Upland Software, commented on the deal: “Adestra broadens Upland’s product portfolio, strengthens our CXM solution suite, and builds our sales capacity and footprint.
"As this transaction demonstrates, our acquisition pipeline is robust, and we are actively pursuing additional opportunities,” he added.
Upland develops softwares to increase worker collaboration and productivity, such as programs to automate workflow and manage online content.
It employed 342 people at the end of 2015, and has been securing a steady flow of company acqusitions. In January 2017, it paid $19.2 million for Omtool Ltd., a Massachusetts-based developer of software that securely stores documents for sharing and searching.
The acquisition will support Adestra's international expansion in a heavily saturated MarTech market and improve Upland’s cloud-based offering with the inclusion of multi-channel messaging and email, automated mobile conversations, mobile wallet functionality, and voice solutions.
Upland will continue to buy, build, and integrate additional components to this CXM offering in order to enable more personalised customer experience.
The acquisition, for which Upland increased its debt by $61.1 million, is projected to add approximately $18 million in annual revenues.