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Digital marketing, e-commerce, and customer service teams use our applications to interact with consumers across multiple channels to acquire new customers, drive product and service utilization, resolve issues, and build brand loyalty.
−Removed: Our applications deliver value to the customer experience, or CX, focused organizations across a variety of use cases including mobile messaging, mobile application marketing, Voice of Customer engagement, or VoC, email marketing, knowledge management and call center productivity.
−Removed: Our teams bring deep industry experience in orchestrating campaigns and interactions that consumers want and value.
+Added: Our applications deliver value to t he customer experience, or CXM, f ocused organizations across a variety of use cases including mobile messaging, mobile ap plication marketing, Voice of Customer engagement, or VoC, email marketing, knowledge management and call center productivity.
+Added: We also offer customer data platform, or CDP, solutions that provide organizations the ability to unify customer data stored across diverse systems to drive more personalized omnichannel campaigns.
Sales teams employ our applications to drive growth through deeper customer engagement, reduced sales cycle times, and overall improved collaboration between sales, marketing, and other customer-facing functions.
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Upland also offers products that improve call center agent productivity by providing more direct access to knowledge and to customer sentiment thereby improving both inbound call outcomes and proactive outbound success.
+Added: We also provide products that deliver knowledge-based, guided workflows for customer service environments supporting complex products in strict regulatory requirements.
Additional solutions help call center leadership to manage agent performance and measure real-time performance relative to call resolution and customer sentiment, improve performance through gamification, and gather agent feedback to keep employee engagement high.
• Project Management.
−Removed: Business leaders and Project Management Offices, or PMOs, use our applications to optimize project portfolios, balance capacity against demand, improve financial-based decision making, align execution of projects to strategy across large organizations, and manage the entire project delivery lifecycle.
+Added: Business leader s and Project Management Offices, or PMOs, use our applications to optimize project portfolios, balance capacity against demand, improve financial-based decision making, align execution of projects to strategy across large organizations, and manage the entire project delivery lifecycle.
Our applications deliver value to project management across a variety of use cases including continuous improvement, enterprise information technology, or IT, new product development, and services departments along with industry depth in higher education, public sector, and healthcare IT.
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Upland solutions in this area range from supply chain collaboration and factory management, back office document and vendor management, to applications that improve sales responsiveness.
+Added: In addition, our products help operations teams compose, automate and exchange documents based on content from existing back-office systems to produce interactive business communications, while maintaining compliance and reducing production costs.
• Human Resources and Legal .
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Through a series of acquisitions and integrations, we have built a diverse family of software applications under the Upland brand.
−Removed: For the twelve months ended December 31, 2020, compared to the twelve months ended December 31, 2019, our total revenue grew from $222.6 million to $291.8 million, representing a 31% period-over-period growth rate.
−Removed: For the twelve months ended December 31, 2020, compared to the twelve months ended December 31, 2019, our subscription and support revenue grew from $203.9 million to $277.5 million, representing a 36% period-over-period growth rate.
−Removed: See Note 13 Revenue Recognition, in the notes to consolidated financial statements for more information regarding our revenue as it relates to domestic and foreign operations.
+Added: Our total revenue increased from $291.8 million to $302.0 million from the year ended December 31, 2020 compared to the year ended December 31, 2021, representing a 4% period-over-period growth rate.
+Added: Our subscription and support revenue increased from $277.5 million to $287.6 million , from the year ended December 31, 2020 compared to the year ended December 31, 2021, representing a 4% period-over-period growth rate.
+Added: See “Note 13 Revenue Recognition”, in the notes to the consolidated financial statements for more information regarding our revenue as it relates to domestic and foreign operations.
To support continued growth, we intend to continue to pursue acquisitions within our core cloud offerings of complementary technologies and businesses.
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Upland’s products run on an enterprise-class cloud environment - delivering power, reliability, and flexibility.
−Removed: We utilize Amazon Web Services, or AWS, for all our cloud-based products and move acquired products to AWS in connection with our acquisition integration program.
+Added: We utili ze Amazon Web Services (“AWS”) and Microsoft Azure (“Azure”) for our cloud-based products and move acquired products to either AWS or Azure in connection with our acquisition integration program.
Upland’s cloud technology gives customers the freedom from legacy applications without having to compromise security or scalability.
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Our operating results in a given period can fluctuate based on the mix of subscription and support, perpetual license and professional services revenue.
−Removed: For the twelve months ended December 31, 2020, 2019 and 2018, our subscription and support revenue represented 95%, 92%, and 91% of total revenue, respectively.
+Added: For the years ended December 31, 2021, 2020 and 2019, our subscription and support revenue represented 95% , 95% and 92% of total revenue, respectively.
Historically, we have sold certain of our applications under perpetual licenses, which also are paid in advance.
−Removed: For the twelve months ended December 31, 2020, 2019, and 2018, our perpetual license revenue represented 1%, 3%, and 3% of total revenue, respectively.
+Added: For the years ended December 31, 2021, 2020 and 2019, our perpetual license revenue represented 1% , 1% and 3% of total revenue, respectively.
The support agreements related to our perpetual licenses are typically one-year in duration and entitle the customer to support and unspecified upgrades.
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Professional services revenue consists of fees related to implementation, data extraction, integration and configuration, and training on our applications.
−Removed: For the twelve months ended December 31, 2020, 2019, and 2018, our professional services revenue represented 4%, 5%, and 6% of total revenue, respectively.
+Added: For the years ended December 31, 2021, 2020 and 2019, our professional services revenue represented 4% , 4% and 5% of total revenue, respectively.
Our Competitive Strengths
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• Large, diversified customer base .
−Removed: Our customer base is highly diverse and spans a broad array of industries, including financial services, consulting services, technology, manufacturing, media, telecommunications, government and political, non-profit, healthcare and life sciences, retail, and hospitality.
+Added: Our customer base is highly diverse and spans a broad array of industries, including financial services, consulting services, technology, manufacturing, media, telecommunications, government, political, non-profit, healthcare, life sciences, retail and hospitality.
We service customers of varying size, ranging from large global corporations and government agencies to medium-sized businesses.
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• Proven M&A capability .
−Removed: We have a proven ability to successfully identify, acquire, and integrate complementary businesses to grow our company, as evidenced by the 26 acquisitions we have completed since the beginning of 2012 through December 31, 2020.
+Added: We have a proven ability to successfully identify, acquire, and integrate complementary businesses to grow our company, as evidenced by the 29 acquisitions we have completed in the 10 years ending December 31, 2021.
We believe that our acquisition experience and strategy give us a competitive advantage in identifying additional opportunities to expand our family of software applications to better serve our customers.
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We have a dedicated customer success organization whose mission is to drive adoption, value realization, retention, and loyalty across our customer base.
−Removed: Our focus on enabling our customers’ success is a key reason our annual net dollar retention rate, as defined in “Item 7.
−Removed: - Management's Discussion and Analysis” herein, was 94% as of December 31, 2020.
+Added: Our focus on enabling our customers’ success is a key reason our annual net dollar retention rate, as defined hereafter in “Item 7.
+Added: Management's Discussion and Analysi s—Key Metrics,” was 94% as of December 31, 2021.
Our commitment to customer success has enabled us to expand our footprint within customer organizations and facilitate the ongoing adoption of our enterprise software applications.
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▪ Acquire complementary software businesses .
−Removed: We intend to continue to pursue acquisitions of complementary technologies, products, and businesses to expand our product families and customer base, and to provide access to new markets and increased benefits of scale.
+Added: We intend to continue to pursue acquisitions of complementary technologies, products, and businesses to expand our footprint in target business functions, and to provide access to new markets and increased benefits of scale.
Our experienced corporate development team continually monitors a pipeline of potential acquisition candidates.
−Removed: We believe that our acquisition experience and strategy give us a competitive advantage in identifying additional opportunities to expand our family of cloud-based applications to better serve our customers.
+Added: We believe that our acquisition experience and strategy give us a competitive advantage in identifying additional opportunities to expand our portfolio cloud-based applications to better serve our customers.
We intend to prioritize acquisitions within the solution categories we currently offer.
+Added: ▪ Improve and enhance applications.
+Added: We intend to continue to invest in research and development and work closely with our customers to identify and improve applications, features and functionalities that address customer requirements across the enterprise spectrum.
+Added: We also intend to continue to expand our support for key third party integrations and presence in key partner marketplaces.
▪ Increase sales to existing customers .
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We also intend to cross-sell additional applications to our existing customers, as very few of our customers currently use more than one of our applications.
−Removed: In addition, we intend to add new applications to our family of applications that will address additional functions within the enterprise spectrum.
−Removed: We believe these initiatives will significantly increase the value of our platform to our customers, further strengthen our competitive position, and drive increased adoption of multiple applications by our customers.
+Added: In addition, we intend to add new applications that will address additional functions within the enterprise spectrum.
+Added: We believe these initiatives will significantly increase the value of our partnership with our customers, further strengthen our competitive position, and drive increased adoption of multiple applications by our customers.
▪ Add new customers .
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In addition, we continue to expand the range of integrations between our software and third-party applications and platforms, which we believe make our applications more attractive to a broader audience of potential customers.
−Removed: ▪ Improve and enhance applications .
−Removed: We intend to continue to invest in research and development and work closely with our customers to identify and improve applications, features and functionalities that address customer requirements across the enterprise spectrum.
−Removed: We also intend to continue to expand the breadth of our applications with additional analytics, third-party integrations, and social and mobile capabilities to meet the evolving needs of today’s knowledge workers.
−Removed: We service customers ranging from large global corporations and various government agencies as well as medium-sized businesses.
−Removed: Our customers operate in a wide variety of industries, including financial services, consulting services, technology, manufacturing, media, telecommunications, government and political, non-profit, healthcare and life sciences, retail, and hospitality.
+Added: We service customers ranging from large global corporations and various government agencies as well as small and medium-sized businesses.
+Added: Our customers operate in a wide variety of industries, including financial services, consulting services, technology, manufacturing, media, telecommunications, government, political, non-profit, healthcare, life sciences, retail and hospitality.
For the year ended December 31, 2021, approximately 90% of our recurring revenue was generated from what we consider to be major accounts, those customers with contracted annual recurring revenue of $25,000 or more.
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• Customer Success Management.
−Removed: Our CSM team partners with customers throughout their lifecycle with the Upland family of products to ensure the customer is getting the most out of their technology investment.
+Added: Ou r CSM team partners with customers throughout their lifecycle with the Upland family of products to ensure the customer is getting the most out of their technology investment.
CSMs are experts in matching use of Upland products to a customer’s individual business context – sometimes bringing in or coordinating across other teams and internal resources where necessary to achieve the customer’s goals.
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Our applications are easy to deploy, highly configurable, scalable, flexible, and secure, and provide our customers with a modern and intuitive user experience.
−Removed: We have partnered with AWS to provide the hardware and infrastructure necessary to provide our services to our customers.
−Removed: AWS facilities provide 24/7/365 security, biometric access controls, redundant networking, power and environmental systems, and monitoring.
+Added: We have partnered with AWS and Azure to provide the hardware and infrastructure necessary to provide our services to our customers.
+Added: AWS and Azure facilities provide 24/7/365 security, biometric access controls, redundant networking, power and environmental systems, and monitoring.
Upland Software designs and operates the infrastructure architecture with fully redundant subsystems, highly available configurations, and defense in depth security zones.
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The intensity and nature of our competition varies significantly across our range of enterprise applications.
−Removed: We compete against larger enterprise software companies that provide a full suite of Software as a Service, or SaaS, solutions focused on the functional areas we serve or the problems our cloud offerings address.
+Added: We compete against larger enterprise software companies that provide a full suite o f Software as a Service, or SaaS, solutions focused on the functional areas we serve or the problems our cloud offerings address.
We face competition both from point solution providers, including legacy on-premise enterprise systems, and other cloud-based software vendors that may address one or more of the functional elements of our applications.
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Additionally, we maintain a system for providing our personnel an opportunity to express grievances or concerns, which includes an anonymous whistleblower hotline.
+Added: • Employee Engagement.
+Added: Upland surveys team members twice a year to gather feedback on key factors of employee experience, including work/life blend, social connection and learning and development.
+Added: We have a formal Employee Resource Group (“ERG”) program that fosters the formation of and provides support to employee-led groups dedicated to education and building community for team members with a shared characteristic or interest.
• Development and Promotion of Leaders.
Upland’s high annual growth provides consistent promotion opportunities for our team members.
−Removed: In addition, team members that join us through regular acquisitions have access to career development and promotion opportunities that would not have been available at their smaller companies.
+Added: We provide career ladders and development resources for all of our key functions.
+Added: We provide leadership training for our managers.In addition, team members that join us through regular acquisitions have access to career development and promotion opportunities that would not have been available at their smaller companies.
We are in the process of deploying management training as part of our 2021 Development initiatives.
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Our UplandOne operating processes focus on quantifying customer satisfaction through Net Promoter Score (“NPS”) surveys, maintaining customer-driven software roadmaps, and empowering our team members to leverage expert resources from across the company to drive business success for our customers.
−Removed: As a result of the COVID-19 pandemic, Upland has taken certain measures to support the health and well-being of our employees, customers, partners and communities during this time of uncertainty.
+Added: We continue to support the health and well-being of our employees, customers, partners and communities during the ongoing global COVID-19 pandemic and during this time of uncertainty.
Prior to the wide-spread implementation of stay-at-home measures, approximately 60 percent of our employee and contractor workforce was already remote.
−Removed: This enabled us to quickly convert the entire company to remote work status to ensure the safety of our employees, while still allowing us to continue serving our customers without disruption.
+Added: As such, we are continuing our remote working arrangements and limiting non-essential business travel for our employees.
+Added: We are currently evaluating our plans to reopen our facilities and resume business travel for our employees.Our focus remains on the safety and well-being of our employees while maintaining health and safety protocols at each office location.
Available Information
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The inclusion of our website address in this report does not include or incorporate by reference into this report any information on our website.
−Removed: Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge through our website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC.
+Added: Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as amended, are a vailable free of charge through our website as soon as reasonably practicable after they are electronically filed with or furnished to the United States Securities and Exchange Commission (the “SEC”).
Additionally, the SEC maintains an internet site that contains reports, proxy, information statements, and other information.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.