Upland Software, Inc. has acquired BlueVenn, a cloud-based customer data platform, for $51.9 million in cash, the firm announced on Tuesday.
BlueVenn helps firms access online and offline data sources including email, mobile and in-store, in one location, the firm says. It serves such brands as Gannett, Subaru UK, and The American Automobile Association.
Upland claims that with a unified customer database at the center of its CXM product suite, it will help clients engage consumers via email, mobile app, SMS or online.
“BlueVenn is a highly strategic acquisition and a big step forward for Upland in the Customer Experience (CX) category,” states Jack McDonald, chairman and CEO of Upland.
“Over the last seven years, BlueVenn and Upland have built a very successful partnership, integrating our technologies to provide incredible value to our mutual customers,” adds Steve Klin, CEO of BlueVenn.
We were able to unify our consumer database across our dealerships and then segment that information to create a stronger national marketing engagement strategy, which tripled our test drives and ultimately doubled our sales,” said Andrew Edmiston, managing director of Subaru UK, a BlueVenn client.
McDonald adds: “Centralizing customer data has been a persistent challenge for enterprises since today's digital consumer uses text, email, mobile applications, and websites to interact with the brands, products, and services they love.”
The purchase price at closing (net of cash acquired) will be paid out of cash on hand, with a $2.4 million cash holdback payable in twelve months (subject to indemnification claims), Upland says.
Upland is a cloud-based software provider.