Upland Software Inc (NASDAQ: UPLD) is a cloud software company that sells subscription-based enterprise software applications across multiple business functions. Revenue is generated primarily through recurring subscription and support fees, which accounted for 95% of total revenue in each of FY2025, FY2024, and FY2023 (per the 10-K filed 2026-03-03). Total revenue declined 21% year-over-year to $216.9M in FY2025 from $274.8M in FY2024, reflecting ongoing product divestitures and customer attrition. Perpetual licenses contributed 2% of revenue and professional services 3% in FY2025. Gross margin improved to 75% in FY2025 from 70% in FY2024. The company operates an R&D Center of Excellence in India and supplements internal development with AI tools. Upland has historically grown through acquisitions of enterprise software products, though its recent trajectory reflects net contraction through divestitures rather than expansion.

Revenue model

Subscription and support fees are the dominant revenue stream at 95% of total revenue ($205.1M in FY2025). Perpetual license sales contribute 2% ($5.3M in FY2025) and professional services 3% ($6.5M in FY2025). The company offers a Premier Success Plan tier that provides customers prioritized feature development and issue resolution.

Products and services

Upland sells cloud-based enterprise software applications. The filing references professional services delivery including planning, configuration, integration, launch, administration, and maintenance. A Premier Success Plan subscription tier is offered alongside standard support. The company maintains an online customer community and virtual user conferences as part of its customer engagement model.

Customers and end markets

The filing does not disclose specific customer counts, customer concentration figures, or named end markets. Customers include enterprises that use Upland's cloud applications across business functions. Premier Success Plan customers receive priority weighting in product roadmap decisions.

Value-chain role

Upland is a software vendor selling directly to enterprise customers. It provides implementation and ongoing support through its own Professional Services organization rather than relying on third-party channel partners, based on the filing excerpts available.

Geographic exposure

The filing references an R&D Center of Excellence in India and notes the company may pursue international acquisitions. Specific revenue breakdowns by geography are not provided in the excerpts.

Source: SEC 10-K, filed 2026-03-03

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