When Upland Software acquired Mobile Commons back in December of 2014, the acquisition price wasn’t disclosed. Luckily for our readers, and the mobile marketing industry, publicly traded companies like Upland Software have to produce SEC filings, which can give interested parties information regarding transactions like the acquisition of Mobile Commons.
According to SEC filings, on December 10, 2014, Upland Software, Inc. completed the acquisition of Mobile Commons, Inc. The total value of the deal was $10.2 million, with $5.7 million of that being paid out in cash, and 386,253 shares of Upland Software common stock, valued at $4.5 million. Mobile Commons shareholders received 316,747 shares immediately upon closing of the acquisition, 25,314 were being withheld until certain former shareholders of Mobile Commons completed certain documentation, with the remaining 44,192 shares being held for 18 months and subject to indemnification claims by Upland Software.
Upland Software also agreed to pay Mobile Commons shareholders up to $1.5 million in both cash and common stock to the selling shareholders of Mobile Commons based on the achievement of certain incremental revenue targets during fiscal 2015.
It’s interesting to note that the SEC filing mentions that Mobile Commons revenues were approximately $500,000 between the closing of the deal on December 10, 2014, and the end of the year, December 31, 2014. Based off that number, we’d estimate Mobile Commons revenue in 2014 to be somewhere between $6 million and $8.6 million.
Also disclosed in SEC filings was the acquisition-date fair value of the Mobile Commons assets and liabilities which were acquired by Upland Software. Below are these figures.
- Cash: $286,000
- Accounts Receivable: $1,242,000
- Other Current Assets: $147,000
- Property and Equipment: $54,000
- Customer Relationships: $1,620,000
- Trade Name: $130,000
- Technology: $1,150,000
- Goodwill: $7,244,000
- Other Assets: $47,000
Total Assets Acquired: $11,920,000
- Accounts Payable: $313,000
- Accrued Expense and Other: $463,000
- Deferred Revenue: $144,000
Total Liabilities Assumed: $920,000
To read more about the Mobile Commons acquisition, read our initial blog post here.