Here are 1-2 brief analogies for Upland Software:

• Constellation Software for enterprise work management.
• A miniature Oracle for specialized business software.

• Project & Financial Management: This suite of services provides cloud-based solutions for managing projects, portfolios, professional services, and IT financial management to optimize resource allocation and financial performance.
• Customer Experience (CXM): This service category provides tools for sales enablement, CRM integration, knowledge management, and unified customer journey orchestration to improve customer satisfaction and loyalty.
• Document Workflow Automation: This suite of services automates document-intensive processes, including document management, intelligent capture, and cloud faxing, to improve efficiency and reduce manual effort.
• Marketing Technology: This service category offers tools for content operations, mobile app analytics and engagement, and email marketing to help organizations plan, execute, and measure their marketing initiatives effectively.

Upland Software (UPLD) primarily sells its cloud-based enterprise work management software solutions to other companies (B2B model), rather than individuals.

Due to the diversified nature of its customer base (Upland reports having over 4,500 global customers) and common practices in the enterprise software industry, Upland Software does not publicly disclose specific "major customers" that account for a significant portion of its revenue in its financial filings. Companies are typically required to disclose customers accounting for more than 10% of revenue, and Upland's disclosures do not indicate such concentration.

However, Upland Software does highlight various companies in its case studies and customer success stories, demonstrating the types of organizations that utilize its products. Examples of companies mentioned in Upland's public materials include, but are not limited to:

• Aflac (NYSE: AFL) - Financial services company utilizing Upland solutions for areas like marketing operations.
• Honeywell (NASDAQ: HON) - Diversified technology and manufacturing company, using Upland products for various enterprise needs.
• Siemens (OTC: SIEGY) - A global technology powerhouse, featured in Upland's customer stories for leveraging their software.
• Medela - A global manufacturer of breast pumps and medical vacuum technology, highlighted for using Upland's knowledge management solutions.

These examples illustrate the range of industries and company sizes that Upland Software serves, from large multinational corporations to more specialized businesses across sectors like financial services, manufacturing, healthcare, and technology.

Jack McDonald, Chief Executive Officer, Chairman, & Founder

Jack McDonald is the founder, Chairman, and Chief Executive Officer of Upland Software, which he established in July 2010. He led Upland's IPO in 2014 and has overseen numerous acquisitions for the company. Prior to founding Upland, McDonald served as Chairman and CEO of Perficient, Inc., an IT consulting firm, from 1999 to 2010. During his tenure at Perficient, he grew the business from a startup to a publicly-traded company, completing 17 acquisitions and leading its IPO. McDonald began his career as a mergers & acquisitions lawyer. Upland Software received a $115 million strategic equity investment from HGGC, a private equity firm, in 2022.

Mike Hill, Chief Financial Officer

Mike Hill serves as the Chief Financial Officer of Upland Software, a position he has held since July 2010. Prior to joining Upland, Hill was the Senior Vice President and Chief Financial Officer at Liberty Bank from 2002 to 2009. He also served as CFO of Perficient, Inc. from 2004, where he was instrumental in growing the company's revenues and market capitalization through eight acquisitions. Hill has held executive management roles in several technology startup companies and spent over seven years with Ernst & Young LLP. Upland Software is backed by a strategic equity investment from the private equity firm HGGC.

Dan Doman, Chief Operating and Product Officer

Daniel Doman is the Chief Operating and Product Officer at Upland Software, a role he assumed in August 2025. He previously served as Chief Product Officer since May 2021. Prior to Upland, Doman was the Chief Technology Officer & Head-Development at Khoros LLC. He also held positions as Director-Business Development at AVP Management Services, Inc., and Senior VP-Corporate & Business Development at Spredfast, Inc.

Rick Rinewalt, Chief Technology Officer

Rick Rinewalt is the Chief Technology Officer at Upland Software. He has a strong background in the technology and IT industry, including managing global communication networks and IT programs for mergers and acquisitions.

Rochelle Delley, Chief Security Officer | SVP Compliance

Rochelle Delley is the Chief Security Officer and Senior Vice President of Compliance at Upland Software, having started in July 2014. She is responsible for overseeing the company's Information Security & Compliance Program. Her experience includes managing information security programs and regulatory compliance. Prior to Upland, Delley was General Manager and Chief Security Officer at National Research Corporation and served as Corporate Security Officer at Gallup.

The most significant clear emerging threat to Upland Software (UPLD) is the rapid and pervasive integration of Generative Artificial Intelligence (AI) into enterprise software across all sectors. This development poses a direct challenge to Upland's portfolio of cloud-based work management solutions.

How it's emerging: Major enterprise software vendors, from market leaders to agile startups, are aggressively developing and deploying generative AI capabilities. These include features for intelligent automation, advanced analytics, content generation, conversational interfaces, and hyper-personalized user experiences, fundamentally transforming how work is performed and managed within organizations. The industry is experiencing a rapid shift where AI-powered features are becoming a baseline expectation rather than a differentiator.

How it threatens Upland:

• Feature Obsolescence and Competitive Lag: Upland's diverse portfolio of often acquired point solutions risks becoming less competitive if they cannot integrate compelling generative AI capabilities swiftly and effectively. Competitors launching AI-native or significantly AI-enhanced products could render Upland's offerings appear less innovative, efficient, or powerful.
• Integration Complexity: Given Upland's strategy of growing through acquisitions, integrating a cohesive and powerful generative AI strategy across a potentially disparate collection of acquired software platforms presents a significant technical and strategic challenge. Companies with more unified product architectures may be able to embed AI more deeply and consistently, offering a more seamless and impactful user experience.
• Changing Customer Expectations: Enterprises are increasingly looking for software that provides AI-driven insights, automates complex workflows, and enhances productivity through intelligent assistance. Vendors that fail to meet these evolving expectations risk losing market share to those who successfully embed advanced AI features into their core offerings. This parallels historical disruptions where a new technology (like the iPhone's intuitive interface) redefined user expectations and disadvantaged incumbents (like BlackBerry) that failed to adapt quickly.

Upland Software (UPLD) operates in several key market segments, with an identified total addressable market (TAM) of approximately $25 billion globally, as of a 2021 investor presentation. The market sizes for its main product and service categories are as follows:

• Project & Financial Management: $4.7 billion (Global)
• Sales Enablement: $3 billion (Global)
• Document Automation: $6.5 billion (Global)
• Customer Experience Management (CXM): $8.5 billion (Global)
• Knowledge Management: $1.9 billion (Global)

Upland Software provides cloud-based software applications across these categories, including solutions for knowledge management, content lifecycle and workflow automation, and digital marketing.

• Growing Core Organic Revenue: Upland Software is targeting an increase in its core organic growth rate, aiming for 3% in 2026 and over 5% thereafter. This growth is primarily expected from subscription and support revenue, following a period of strategic divestitures.
• Expansion of AI-Powered Product Suite: Artificial intelligence (AI) is a central component of Upland's growth strategy. The company has secured significant new customer contracts for its AI-powered products, including multi-million dollar deals with major technology and pharmaceutical firms. Recent launches, such as Upland RightAnswers and Upland BA Insight on AWS Marketplace, are designed to broaden access to its AI-driven customer service and content management tools.
• New Customer Acquisition and Existing Customer Expansion: The company is focused on attracting new customers and deepening relationships with its current client base. For instance, Upland welcomed 97 new customers in Q3 2025, including 14 major accounts, and expanded relationships with 168 existing customers, with 13 of these being major expansions.
• Streamlined Product Portfolio and Enhanced Go-to-Market Strategy: While divestitures of non-strategic and lower-margin product lines have initially led to a decline in total revenue, this strategy is intended to simplify the business and concentrate efforts on high-growth, high-margin offerings. Complementary to this, Upland has refined its go-to-market approach by investing in an India-based software development function, improving product performance and cloud operations, and establishing advanced demand generation and digital marketing capabilities. The company has also upgraded its sales team with more domain-expert Account Executives to better market and sell its AI-enabled products.

Share Repurchases

• Upland Software's board of directors authorized a stock repurchase program of up to $10 million in August 2025.
• This authorization represented nearly 19% of the company's market capitalization when announced.
• The program does not have a specified expiration date and remains in effect until the full authorized amount is used or terminated by the board.

Share Issuance

• In August 2020, Upland Software announced a public offering to sell up to 3,500,000 shares of its common stock.
• The aggregate offering size was expected to be $119,000,000, based on a price of $34.00 per share.
• The net proceeds from this offering were intended for the company's acquisition strategy and general corporate purposes.

Outbound Investments

• Upland Software pursues an acquisition strategy to expand its cloud-based software offerings.
• The company's strategy includes acquiring businesses with strong products, people, and customers.
• Recent divestitures, including its mobile messaging business, were made to optimize the business for sustained growth and profitability by focusing on high-value product lines, resulting in a $26 million reduction in 2025 revenue.