Upland Software Acquires Email Marketing Business PostUp for $35M
Austin—Upland Software is paying $35 million to acquire PostUp, an email marketing automation company that was founded in 1996 by Joshua Baer.
Upland (NASDAQ: UPLD) sells applications that help businesses do anything from communicate with customers, manage sales platforms, and automate other financial and professional services. PostUp works with companies in media and publishing, offering software that helps them get new email subscribers, automate and analyze their email products, and make money through promotional materials and ads.
With PostUp, Upland says it expects to add $11 million in annual revenue, bringing the company’s total to a $205 million annualized run rate. Upland’s history dates to the founding of Silverback Enterprise Group, which was launched in 2010 with the backing of Austin Ventures. Silverback renamed itself Upland in 2013 and raised $46 million in an initial public offering in 2014. Also in 2014, the company spun out Magnitude Software, which sold a $179 million stake to London-based private equity firm 3i Group in March of this year.
PostUp was founded as SkyList by Baer, who is also the co-founder of Capital Factory, an Austin co-working space and accelerator. SkyList made an email product called StormPost, which was sold to Austin-based Datran Media in 2006. A rebranding happened in 2011, and then Transition Capital Partners acquired the business in 2014, renaming it again as PostUp. Baer rejoined as a board member and investor.