Project management software maker Upland files for a $50 million IPO

Upland Software, which provides cloud-based project management software to over 1,200 enterprises, filed on Thursday with the SEC to raise up to $50 million in an initial public offering.

The company provides its work management software to over 200,000 users across a broad range of industries, including financial services, retail, technology, manufacturing, education, media, government and healthcare. Primary shareholders include ESW Capital (25% pre-IPO stake), Austin Ventures (20%), CEO John McDonald (19%), Activant Solutions (7%).

Revenue increased 70% to $32 million for the six months ended June 30, 2014. Adjusted EBITDA rose just 24% to $3 million as the company ramped up sales and marketing and quadrupled research and development expenses.

The Austin, TX-based company, which was founded in 2010 and booked $54 million in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol UPLD. Upland Software initially filed confidentially on May 13, 2014. William Blair and Raymond James are the joint bookrunners on the deal. No pricing terms were disclosed.