Austin, Texas-based Upland Software, Inc. (Nasdaq: UPLD) announced Wednesday it has acquired Massachusetts-based Omtool for $19.2 million.
The deal is part of a string of acquisitions for the B2B workplace software company since its launch in 2013. And it's the first acquisition since it secured $90 million in credit from Wells Fargo Capital Finance and CIT Bank in November 2016.
Omtool, founded in Andover, Mass., in 1991, builds software to capture documents, fax and other work communications that have to be shared securely by financial institutions, healthcare companies and legal firms. The company acquired BlueChip Technologies in 2007.
Upland Software projects the acquisition will generate about $11 million in revenue this year.
"This strategic acquisition enhances our workflow automation and document management product family by adding powerful capture, security, and compliance capabilities and strengthens our position in the financial services, legal, and healthcare verticals," Upland Software CEO Jack McDonald said in a news release.
Upland Software's previous acquisitions include Hipcricket (March 2016), Advanced Processing & Imaging (April 2016), Ultriva (November 2015), Solution Q, Inc. (November 2014) Mobile Commons (December 2014) and Clickability (December 2013).
