Upland Software Inc. closed its underwritten public offering of 1,860,465 common shares at a per-share price of $21.50.

Upland Software also granted the underwriters a 30-day option to purchase up to an additional 279,069 common shares at the public offering price, less underwriting discounts and commissions.

The company will receive net proceeds of about $37.0 million from the offering, after deducting underwriting discounts and commissions and estimated offering expenses.

Needham & Co. and William Blair served as joint book-running managers, and Canaccord Genuity acted as the co-manager for the offering.