The HGGC investment, in the form of a new class of convertible preferred stock issued at a premium to Upland's current market price, provides incremental capital intended to capture the attractive M&A opportunity set that is expected to emerge as a result of the current macroeconomic environment. It also brings additional strategic and operational support as HGGC and Upland work together to strengthen the company's go-to-market capability to fully leverage the value of its enterprise customer base and strong product portfolio.

Upland helps global businesses accelerate digital transformation with a powerful cloud software library that provides choice, flexibility, and value. The company's growing library of products delivers the 'last mile' plug-in processes, reporting, and job specific workflows that major cloud platforms and homegrown systems don't provide. Upland focuses on specific business challenges and support every corner of the organization, operating at scale and delivering quick time to value for our 1,800+ enterprise customers.