PowerSteering Software Continues Growth, Announces Name Change and Acquisition

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Thursday, May 16th 2013
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Latest Acquisition Strengthens Company’s Position as the World’s Largest Cloud Provider of Project, Portfolio, and Work Management Software

Austin, TX (PRWEB) May 16, 2013

PowerSteering Software, a portfolio company of Silverback Enterprise Group, announced today that it has changed its name to Upland Software. The name change reflects the company’s status as the world’s largest cloud provider of enterprise software for project, portfolio and work management. Upland Software has more than 1,200 enterprise clients and 300,000 active users in 50 countries.

In addition, Upland Software announced the acquisition of FileBound, a leading provider of cloud-based workflow automation and document management software. The acquisition of FileBound is part of Upland’s strategy to build a family of cloud products that address a comprehensive range of needs from strategic planning to work execution.

The new Upland brand represents the company’s vision to revolutionize the way organizations plan, manage and execute projects and work. Cloud software has transformed the enterprise project, portfolio and work management market with its rapid speed-to-value, scalability, low total cost of ownership, and reduced financial risk, as well as its inherent ability to deliver a real-time data integration and collaboration platform to distributed workforces on a local or global scale. The market for cloud-based project and portfolio management (PPM) software is projected to grow at a compound annual growth rate of 23% through 2016, compared with a forecast of 8.1% for PPM overall.*

In addition to being a high-growth industry, the cloud-based PPM market is also fragmented, which has made it difficult for any single provider to achieve significant scale. Moreover, no single tool can address the multiplicity of work throughout the enterprise. As leading IT research firm Gartner, Inc. has observed, “Users need to have a strategy to manage a diversity of tools, deployment styles and maturity of use in the environment, because single-platform convergence will be too difficult to achieve.”** Upland is the first and only cloud-based software vendor to offer best-of-breed applications capable of empowering customers’ full range of PPM needs, whether they are in IT or across the business, managing projects or ad hoc work, or focused on “top-down” portfolio analysis or “bottom-up” productivity. In addition to economies of scale, bringing together strong, established products creates opportunity to leverage talent, product innovation, and best practices across the Upland family of applications.

“We are delighted to announce our new company name and to welcome FileBound to the Upland family,” said Jack McDonald, Chairman and CEO of Upland Software. “FileBound’s customers and partners will benefit from Upland’s increased scale and resources in the areas of innovation and support, while FileBound’s workflow capabilities will provide a key building block in Upland’s vision of enabling end-to-end project, portfolio, and work management.”

FileBound provides an integrated workflow and document management system that can be deployed as a cloud-based service or implemented locally. At the heart of the FileBound solution are process automation tools that are simple to manage, allowing non-technical users to control rules, decisions, and work assignments. Within FileBound, customers can configure and generate reports that allow them to develop systematic audit procedures, manage information processes and comply with government regulations. FileBound’s powerful document management capabilities also help bridge the gap between digital content and paper documents, allowing organizations to seamlessly manage records and information.

“Joining the Upland family will give us access to the resources we need to achieve the growth we envision for FileBound,” stated Dan Yount, President of FileBound. “This is an extremely positive next step for FileBound’s customers, partners and business, which will improve our ability to deliver innovative, high-quality workflow automation and document management software.”