Morrison Foerster advised Upland Software (Nasdaq: UPLD), a leading provider of cloud-based Enterprise Work Management software, in connection with its $115 million strategic equity investment from HGGC, a private equity firm with over $6.8 billion of capital commitments.
The investment, in the form of a new class of convertible preferred stock issued at a premium to Upland’s current market price, will provide more capital intended to capture attractive M&A opportunities that are expected to emerge as a result of the current macroeconomic environment. It will also bring additional strategic and operational support as HGGC and Upland work together to strengthen the company’s go-to-market capability to fully leverage the value of its enterprise customer base and product portfolio.
The deal team advising Upland Software was led by Austin corporate partners Steven Tyndall and John Hensley, together with Washington, D.C. associates Chris Rolle and Joel Todd, New York associate Jeffrey You, and Austin associate Anthony Krueger. The wider team included Washington, D.C. antitrust partner Alex Okuliar and associate Kerry Jones, and New York tax partners Tony Carbone and Dave Sturgeon.