Second Street Gets Purchased. It’s an Upland Move


In August 2017, RBR+TVBR shared the news that a St. Louis-based provider of private-label online audience engagement and interactive content platforms had agreed to purchase a data-driven email marketing software and consulting business focused on the collection and use of first party data for the media industry founded by Ruth Presslaff.

Now the company that acquired Presslaff Interactive Revenue (PIR) is itself being purchased.

Second Street, which has carved a niche as a provider of private-label online audience engagement and interactive content platforms for broadcast media companies including contesting, quizzes, ballots, polls, surveys, e-mail, and data profiling, is being purchased by Upland Software, which offers products that give its clients opportunities for digital consumer engagement.

The all-cash deal is valued at $25.4 million, paid at closing.

Terms include a $5 million cash holdback payable in 12 months (subject to indemnification claims).

Upland expects the acquisition to generate annual revenue of approximately $9.4 million, of which all is recurring, and will not be subject to reductions for deferred revenue discount as a result of GAAP purchase accounting.

“The price paid for the acquisition is within Upland’s target range of 5-8x pro forma Adjusted EBITDA and it is expected that Second Street will generate at least $4.2 million in Adjusted EBITDA annually once fully integrated,” Upland says.

Additionally, the company notes that the acquisition will be immediately accretive to Upland’s Adjusted EBITDA per share.

“Adding Second Street to Upland’s product portfolio will provide Upland’s customers the power to build promotions and email campaigns that grow revenue, customer databases, and consumer engagement,” the Austin-based company says.

The Cosine Group acted as exclusive financial advisor to Second Street.