AUSTIN, Texas - Upland Software (ETR:SOWGn), Inc. (NASDAQ:UPLD), whose stock has surged over 18% in the past week according to InvestingPro data, has introduced new AI-driven features to its Upland Altify platform. The company, which maintains a healthy 69.5% gross profit margin, has launched Altify MaxAI to augment sales productivity by integrating advanced account planning and deal management tools.
Altify MaxAI is designed to automate and streamline various tasks for sales professionals, such as identifying key players, uncovering buying insights, providing actionable deal summaries, and facilitating strategic planning for account growth and deal progression. These enhancements are expected to enable sales teams to focus more on building client relationships and driving revenue growth, a crucial initiative for the company which generated $278.9 million in revenue over the last twelve months.
Toby Hottovy, Senior Vice President and General Manager of Sales Effectiveness solutions at Upland Software, emphasized the commitment to simplifying complex sales processes for B2B organizations. He noted that Altify MaxAI's solutions automate time-consuming tasks and provide insights that contribute to sales success.
Richard Scheig, Chief Revenue Officer at MeridianLink, also commented on the impact of Altify MaxAI, stating that the AI-driven insights allow sales teams to prioritize accounts effectively and identify new growth opportunities, thereby offering a strategic advantage.
Altify MaxAI builds upon Altify's two decades of account planning expertise and the legacy of Max Insights, Altify's 'Augmented Intelligence' engine launched nearly ten years ago. The new generative AI capabilities enhance the platform's intelligence, leveraging CRM data to generate insights across accounts and opportunities.
Upland Software's portfolio includes over 25 enterprise cloud software products that support a range of business functions, including digital marketing, knowledge management, and sales productivity. The company serves over 10,000 global customers, providing solutions that aim to increase revenue and reduce costs.
This enhancement to Upland Altify is based on a press release statement from Upland Software Inc (NASDAQ:UPLD). and reflects the company's ongoing efforts to incorporate AI technology into its software offerings to improve business outcomes. InvestingPro data shows three analysts have recently revised their earnings expectations upward, suggesting growing confidence in the company's strategic direction. For deeper insights into Upland Software's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Upland Software reported a decrease in its third-quarter revenue for 2024, while highlighting an increase in adjusted EBITDA compared to the previous quarter. The company's Q3 revenue saw a 10% year-over-year decline, totaling $66.7 million, while adjusted EBITDA for the same period increased to $14 million, up from $13.6 million in Q2. Despite the revenue dip, Upland Software added 122 new customers and expanded relationships with 312 existing ones, demonstrating significant progress in debt reduction.
The company also provided guidance for the fourth quarter and full-year revenue and adjusted EBITDA, which includes a potential increase in adjusted EBITDA year-over-year for the first time since Q2 2022. Q4 revenue is expected to be between $65.9 million and $71.9 million, with adjusted EBITDA ranging from $13.4 million to $16.4 million. Full-year 2024 revenue is projected between $272.6 million and $278.6 million, with adjusted EBITDA between $54.1 million and $57.1 million.
In other developments, Upland Software has paid down $177 million of debt in Q3, resulting in $7 million in annual interest savings. The company plans to refinance in fiscal year 2025 as the existing credit facility matures in August 2026. These are recent developments that underline Upland Software's focus on cost efficiency and growth investments.
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