RightAnswers is a great product addition for current Upland customers looking to enhance their customer service, IT, and enterprise-wide collaboration
Upland Software, Inc., a leader in cloud-based Enterprise Work Management solutions, announced that it has acquired RightAnswers, Inc., a cloud-based knowledge management system. The acquisition was made for $17.2 million in cash, and a $2.5 million cash holdback payable in one year.
Upland expects the deal to generate additional annual revenue of $9 million. The listed company also raised its 2017 long-term Adjusted EBITDA margin target from 35% to 40% to reflect the increased customer loyalty and operating efficiency it is witnessing.
Welcoming RightAnswers and its 200+ clients and partners across the globe, Jack McDonald, Chairman and CEO, Upland Software, commented, “This strategic acquisition is a great product addition for current Upland customers looking to enhance their customer service, IT support, and enterprise-wide collaboration capabilities.”
Jeff Weinstein, President, and CEO, RightAnswers, said, “We’re excited to join Upland both because of the great product fit, and because of our shared vision of 100% customer success.”
RightAnswers was founded in 2001 by Mark Finkel, the company Chairman, and Founder, who considers this as a great transaction for RightAnswers’ customers and partners as it provides the opportunity to leverage the Upland operating platform to amplify their product innovation, service, and support. RightAnswers raised $2.3M in 2005 from NJTC Venture Fund.
This is the second acquisition this year by the software company after Omtool. Upland has made around 11 acquisitions since inception in 2010.