Benzinga | Jun 24, 2021 10:56AM EDT

Upland Software Acquires Panviva For $19.8M Cash And Holdback Consideration, Raises FY21 Guidance

* Upland Software Inc (NASDAQ:UPLD) acquired a cloud-based enterprise knowledge management solution, Panviva Pty Ltd, for $19.8 million in cash and a $3.5 million cash holdback payable in twelve months.

* Upland expanded its presence within the knowledge management market, with the acquisition offering customers a new way to drive contact center productivity in regulated industries.

* Upland expects annual revenue of $7.5 million from the acquisition. Upland expects Panviva to generate a minimum of $3.4 million in Adjusted EBITDA annually once fully integrated.

* Also, Upland announced that it had raised its FY21 guidance to reflect the Panviva acquisition. It sees an FY21 revenue between $300.8 million - $312.8 million compared to the previous guidance of $299 million - $311 million.

* The Adjusted EBITDA guidance lies at $94.8 million - $100.8 million versus the former outlook of $94.4 million - $100.4 million.

* Upland held $186.7 million in cash and equivalents as of Mar. 31, 2021.

* Price action: UPLD shares traded higher by 1.30% at $41.92 on the last check Thursday.