CG Results International has advised BlueVenn on its acquisition by Upland Software
- Service: M&A
- Sector: Technology
- Sub Sector: Enterprise SaaS, Digital Marketing
- Engagement Type: Sell Side
CG Results International is pleased to announce that it has advised BlueVenn, a leading Customer Data Platform (CDP) SaaS vendor, on its acquisition by Upland Software, a NASDAQ-listed cloud-based enterprise software business, headquartered in Austin, Texas. 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.
This transaction further demonstrates CG Results International’s deep sector expertise in the marketing and marketing software sectors and follows recent transactions including Sideshow’s investment from Waterland Private Equity and the sale of LivingLens to Medallia. The transaction represents the firm’s eighth SaaS transaction since January 2020, seven of which have involved TransAtlantic buyers.
BlueVenn currently provides its global customer base, which includes among many others Gannett, Subaru UK, and The American Automobile Association, with the ability to securely access all of their online and offline consumer data sources – from in-store to email to mobile – in one centralised location. This unified view unlocks unique insights into crucial buying behaviours and makes them actionable, which allows companies to optimize omnichannel marketing campaign performance. All while ensuring consumer information is kept secure and compliant with regulations such as GDPR and CCPA.
“Over the last seven years, BlueVenn and Upland have built a very successful partnership, integrating our technologies to provide incredible value to our mutual customers. By now joining Upland, we are helping marketers around the globe elevate their customer engagement capabilities,” said Steve Klin, CEO of BlueVenn. “I’m proud of what the BlueVenn team has built and look forward to the next evolution of this market at Upland.”
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.
It’s incredibly hard running and growing a business. Throw in a pandemic whilst going through a competitive sale process. An impossible situation managed impeccably by CG Results: spectacular outcome; superhuman effort.