Last year, I questioned whether Upland was preparing for an M&A, given its sluggish growth, lack of clear product momentum, but high gross margins. I still have no clarity on that front.
This year, Upland beat Q4 guidance and projects 2.5% core organic growth in 2025—a turnaround from the -1% average in 2024. Adjusted EBITDA margins are on track to rise from 20% to 24% in 2025. The company is also aggressively paying down debt, with $33 million already reduced in 2025 on top of $189 million in 2024.
But the big question remains: Where is this going?……
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