Upland Software, a manufacturer of enterprise work management software, said Wednesday it has acquired Omtool, an enterprise document capture, fax, and workflow provider, for $19.2 million.
Upland expects the acquisition to be immediately accretive to its adjusted EBITDA per share and to generate approximately $11 million in revenue in 2017.
Upland also said it expects total revenue and adjusted EBITDA for the quarter ended Dec. 31 to be at the upper end of previously-announced ranges. In November the company guided total revenue in the range of $18.5 million to $19.3 million, straddling the Street projection of $19.1 million, and adjusted EBITDA in the range of $3.7 million to $4.3 million.
For the quarter ending March 31, Upland anticipates total revenue in the range of $20 million to $20.8 million, topping the Street projection of $19.1million. Adjusted EBITDA is expected to be in the range of $5 million to $5.5 million, representing growth of 162% at the midpoint over the same period last year.