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Upland Software to make $22M acquisition

Upland Software Inc. has agreed to acquire an unnamed company that will join its workflow automation family of software applications, according to a regulatory filing.

The agreed-upon purchase price is $22.2 million in cash. The deal is scheduled to close on or before Jan. 10, 2017, and is subject to shareholder approval. Upland expects the acquisition to create about $11 million in revenue in 2017 and be accretive to adjusted EBITDA per share immediately.

The holders of a majority of the target company's shares have agreed to vote their shares in favor of the merger at the company's stockholder meeting, Upland said.