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Upland Software buys telecom expense management platform

Upland Software Inc., which provides cloud-based enterprise work management software, bought CIMPL Inc., a cloud-based telecom expense management platform, for $23.1 million in cash at closing.

Upland will also pay $2.6 million in cash holdback, payable in 12 months, subject to indemnification claims.

CIMPL will be added to Upland's project and financial management services to help businesses measure, manage and align IT and telecom assets and spending, according to an Aug. 22 news release.

The acquisition adds roughly $8 million in annualized revenues and will be immediately accretive to Upland's adjusted EBITDA per share.