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Upland Software buys Altify

Cloud-based enterprise work management software provider Upland Software Inc. acquired Altify, a customer revenue optimization cloud service for sales and the extended revenue teams.

Upland Software paid $84.0 million in cash for Altify. Altify will be a core platform of Upland's sales optimization solution suite and the company expects the acquisition to generate annual revenue of about $24.0 million, according to an Oct. 7 release.

In connection with this acquisition, $59 million was drawn on Upland's revolving credit facility, taking the company's gross debt outstanding to $409 million.