Nasdaq-listed Upland Software acquires Australian IT firm Panviva

Photo by Charles Deluvio on Unsplash.

Nasdaq-listed Upland Software Inc has acquired Australian VC-backed cloud-based enterprise software firm Panviva as it seeks to expand its presence within the knowledge management market.

The purchase price for the acquisition was $23.3 million, including $19.8 million in cash at closing and a $3.5 million cash holdback payable in 12 months, according to a statement.

Upland said the price was within its target range of 5-8x pro forma adjusted EBITDA, and it was expected that Panviva will generate at least $3.4 million in adjusted EBITDA annually once fully integrated into Upland.

Upland expects the acquisition to generate annual revenue of approximately $7.5 million, all of which is recurring and will be subject to reductions for deferred revenue discount as a result of the generally accepted accounting principles (GAAP), estimated at $2 million for the remainder of 2021.

To reflect the Panviva acquisition, Upland has also raised its full-year 2021 guidance, which expects total revenue to be between $300.8 and $312.8 million, and adjusted EBITDA to be between $94.8 and $100.8 million.

Panviva allows organisations to orchestrate knowledge into a single source through browsable workflows while ensuring compliance.

“This is important in industries where global regulations are heavily imposed and continue to fluctuate, such as utilities, healthcare, and financial services,” Panviva said in a separate statement.

Panviva had raised A$4 million in its Series B funding round from SBI Jefferies Asia Fund in 2013. The company subsequently secured more capital from investors including US-based Telstra Ventures and Indonesian VC firm MDI Ventures.

Jack McDonald, chairman and CEO of Upland, asserted that “there is robust growth” in the knowledge management industry. Research data firm Research and Markets estimates this market will grow at a CAGR of 16.8% through 2027.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.