Altify, an Irish sales software developer, has been acquired by US technology company Upland Software in a deal worth nearly $84m (€76m).
Upland, based in Austin, Texas, expects the acquisition to generate annual revenue of approximately $24m. The company has updated its forecast revenues for the year to hit up to $221.3m.
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In conjunction with the acquisition, $59m was drawn on Upland’s revolving credit facility, taking the firm’s gross debt to $409m. With approximately $56m of cash-on-hand, Upland’s net debt is now around $353m.
Altify, now renamed Upland Altify, was co-founded by Irish entrepreneurs Áine Denn and Donal Daly in 2005.
It develops and sells customer revenue optimisation software for sales companies. The firm, which is headquartered in California, with offices in Dublin, the US and the UK, made a loss of around $2.6m for the year ended January 2019, and employed an average of 88 people.
Wychwood Capital, an investment company run by Michael and Brian Enright, who were both ranked 57th on the Sunday Independent 2019 Rich List, back the group. The Enright family turned Walsh Western, a small west of Ireland trucking firm, into global corporate logistics giant Syncreon, whose clients include Apple.
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