Upland Software acquires customer data platform

Upland Software Inc. acquired cloud-based customer data platform developer BlueVenn Ltd., effective Feb. 28.

Austin-based Upland, which develops cloud-based tools, paid $51.9 million cash at closing, as well as a $2.4 million cash holdback payable in 12 months, for the deal.

Upland expects the acquisition to bring in about $15.5 million in revenues annually, including approximately $13.2 million in recurring revenue.

In addition, effective March 2, Upland appointed Rod Favaron as company president, while Timothy Mattox resigned as co-president and chief operating officer of the company. Mattox will now serve as a strategic adviser to the company until Dec. 31, 2022.