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Upland Software discloses purchase price consideration for Advanced Processing & Imaging deal

Upland SoftwareInc. disclosed in a Form 8-K that it acquired Advanced Processing & Imaging Inc. for a purchaseprice consideration of $4.8 million.

The purchase price consideration consisted of $4.0 million incash payable at closing and $800,000 cash holdback payable in 12 months, subjectto indemnification claims. The purchase price is within the company's target rangeof 5x to 8x acquired pro forma adjusted EBITDA.

Upland expects the acquired product to generate approximately$2.5 million in annual revenue, subject to a reduction for a deferred revenue discountas a result of GAAP purchase accounting.