PowerSteering Software continues growth, announces name change and acquisition
Latest Acquisition Strengthens Company’s Position as the World’s Largest Cloud Provider of Project, Portfolio, and Work Management Software
AUSTIN, TEXAS, May 16, 2013 – PowerSteering Software, a portfolio company of Silverback Enterprise Group, announced today that it has changed its name to Upland Software. The name change reflects the company’s status as the world’s largest cloud provider of enterprise software for project, portfolio and work management. Upland Software has more than 1,200 enterprise clients and 300,000 active users in 50 countries.
In addition, Upland Software announced the acquisition of FileBound, a leading provider of cloud-based workflow automation and document management software. The acquisition of FileBound is part of Upland’s strategy to build a family of cloud products that address a comprehensive range of needs from strategic planning to work execution.
The new Upland brand represents the company’s vision to revolutionize the way organizations plan, manage and execute projects and work. Cloud software has transformed the enterprise project, portfolio and work management market with its rapid speed-to-value, scalability, low total cost of ownership, and reduced financial risk, as well as its inherent ability to deliver a real-time data integration and collaboration platform to distributed workforces on a local or global scale. The market for cloud-based project and portfolio management (PPM) software is projected to grow at a compound annual growth rate of 23% through 2016, compared with a forecast of 8.1% for PPM overall.1
In addition to being a high-growth industry, the cloud-based PPM market is also fragmented, which has made it difficult for any single provider to achieve significant scale. Moreover, no single tool can address the multiplicity of work throughout the enterprise. Upland is the first and only cloud-based software vendor to offer best-of-breed applications capable of empowering customers’ full range of PPM needs, whether they are in IT or across the business, managing projects or ad hoc work, or focused on “top-down” portfolio analysis or “bottom-up” productivity. In addition to economies of scale, bringing together strong, established products creates opportunity to leverage talent, product innovation, and best practices across the Upland family of applications.
“We are delighted to announce our new company name and to welcome FileBound to the Upland family,” said Jack McDonald, Chairman and CEO of Upland Software. “FileBound’s customers and partners will benefit from Upland’s increased scale and resources in the areas of innovation and support, while FileBound’s workflow capabilities will provide a key building block in Upland’s vision of enabling end-to-end project, portfolio, and work management.”
FileBound provides an integrated workflow and document management system that can be deployed as a cloud-based service or implemented locally. At the heart of the FileBound solution are process automation tools that are simple to manage, allowing non-technical users to control rules, decisions, and work assignments. Within FileBound, customers can configure and generate reports that allow them to develop systematic audit procedures, manage information processes and comply with government regulations. FileBound’s powerful document management capabilities also help bridge the gap between digital content and paper documents, allowing organizations to seamlessly manage records and information.
“Joining the Upland family will give us access to the resources we need to achieve the growth we envision for FileBound,” stated Dan Yount, President of FileBound. “This is an extremely positive next step for FileBound’s customers, partners and business, which will improve our ability to deliver innovative, high-quality workflow automation and document management software.”
As with previous acquisitions, the existing FileBound management, development, marketing, sales and support teams will stay in place and continue to run the FileBound product line within Upland. Upland will continue to invest in the development, marketing, and support of the FileBound product line, and all existing Service Level Agreements and support arrangements will remain unchanged. In addition, Upland will continue to value highly the FileBound VAR (value-added reseller) channel and focus on working closely with partners to develop enhanced sales tools, product training, documentation, and services packages.
With the addition of FileBound, the Upland family of cloud applications spans strategic planning, portfolio management, workforce management, professional services automation, workflow automation, document management and team collaboration, and includes the award-winning PowerSteering, EPM Live, Tenrox, and Timesheet.com products.
“Making it clear that we are committed to all of our products and the customers, partners and market segments each serves is a key rationale behind the introduction of the Upland name,” explained Ludwig Melik, Upland’s President. “The new Upland brand also helps convey our overall vision and makes explicit how each application is a piece of the larger picture.”
In addition to continuing to achieve strong organic growth, Upland will pursue additional acquisitions to further increase the breadth of market-leading products it can offer to customers. FileBound is the fifth acquisition by a Silverback Enterprise Group company in the past 20 months. Silverback acquired Visionael in September 2011, Tenrox and PowerSteering Software in February 2012, and EPM Live in November of that year. Terms of the FileBound transaction were not disclosed.
About Upland Software
Upland is the world’s largest cloud provider of enterprise software for project, portfolio and work management. Upland is the only cloud software provider that offers a comprehensive family of applications that enable organizations to align their goals, projects and programs, optimize their resource utilization and workflows, and empower teams to collaborate and work effectively. From strategic planning to work execution, Upland drives business results for more than 1,200 enterprise clients with 300,000 active users in 50 plus countries. Visit www.uplandsoftware.com for more information.
FileBound provides cloud-based business process automation and document management solutions that improve the operation of any organization by connecting users with the information they need to work more efficiently and effectively. With FileBound, customers can build automated workflow processes and centrally manage documents to improve compliance, collaboration, and access to information. FileBound solutions can be deployed locally or as a cloud-based service, and have been implemented by organizations of all sizes around the world. FileBound is committed to a customer centric approach to innovation, excellence and solutions that deliver measurable results. For more information, visit www.filebound.com.
About Silverback Enterprise Group
Silverback Enterprise Group acquires and builds industry-leading software companies that provide mission-critical software products to enterprise customers. Silverback works with outstanding entrepreneurs and management teams to ensure the singular focus at every Silverback company is long-term customer success. Founded in 2010 by successful technology entrepreneurs and business operators, Silverback’s leadership team has a proven acquisition track record, having completed 24 successful enterprise technology acquisitions in the past 12 years. Silverback is backed by Austin Ventures, a venture capital firm with $3.9 billion of capital raised, and is actively pursuing acquisition opportunities. Visit www.silverbackEG.com for more information.
1 “Competitive Landscape: Cloud-based Project and Portfolio Management Services,” Gartner, Inc., 3 October 2012.
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