Upland Software Acquires Omtool

Austin-based Upland Software, which develops document automation and business process automation software, said this morning that it has acquired Omtool, a developer of enterprise document capture, fax, and workflow software. Upland said it paid $19.2M net of cash acquired for Omtool. The company said it expects the acquisitino to generate approximately $11M in revenue in 2017. Omtool's U.S. headquarters was in Andover, Mass., and international headquarters are in the UK. Upland Software said it was advised by The Cosine Group in the transaction.