Upland Software, a provider of Customer Experience Management (CXM) software, has acquired customer data platform (CDP) BlueVenn. With BlueVenn, Upland customers can now securely unify their consumer data, unlocking the insights needed to create omnichannel digital engagement strategies to drive their business forward, all from a single vendor.
The purchase price paid for BlueVenn was $51.9 million in cash at closing (net of cash acquired), paid out of cash on hand, and a $2.4 million cash holdback payable in twelve months (subject to indemnification claims).
The foregoing excludes any potential future earn-out payments tied to additional performance based goals. Upland expects the acquisition to generate annual revenue of approximately $15.5 million, of which approximately $13.2 million is recurring, and will be subject to reductions for deferred revenue discount as a result of GAAP purchase accounting, estimated at $3.4 million for the remainder of 2021.
BlueVenn will sit at the center of Upland Software’s CXM offering and deliver a single view of the customer that will drive better engagement across every digital channel, Jack McDonald, chairman and CEO of Upland, said in a news release announcing the transaction.
BlueVenn and Upland have been cooperating for over seven years and integrated their technologies to provide added value to mutual customers. By now joining Upland, BlueVenn will help marketers around the globe elevate their customer engagement capabilities, commented Steve Klin, CEO of BlueVenn.