Lavelle Solicitors advises Irish based InterFAX Communications in their USD $37million sale to US based Upland Software.
InterFAX Communications, based in Dublin with locations in Israel, the UK and the US sells secure, cloud-based messaging services including enterprise cloud fax and secure document distribution.
InterFAX offers the ability for companies to send and receive faxes from email or any other business program. It offers a wide range of API services that allow companies to integrate their software. It has prebuilt integrations with MS Dynamics, Microsoft Office, Google Docs, SAP R/3 and Box.
Cloud fax alone is a $1.5b market forecasted to grow at 10% per year to $2.2b by 2022.
Austin TX based Upland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based Enterprise Work Management software, which has grown by acquiring smaller software companies has acquired InterFAX Communications Ltd., a leading provider of secure, cloud-based messaging solutions including enterprise cloud fax and secure document distribution. The acquisition of Dublin based InterFAX, Upland’s first in Europe, adds $15.0 million in annualized recurring revenues.
With InterFAX added to Upland’s existing Workflow Automation product family, Upland can now offer comprehensive document management and workflow automation solutions and capabilities that include document capture, data extraction, data loss detection, secure storage, intelligent routing and approval, and secure document distribution through cloud fax, mobile messaging, and email.
The Lavelle team, led by Gríana O’Kelly, Partner in the Corporate Department managed this transaction which involved work in multiple jurisdictions. Lavelle advised InterFAX Communications on all aspects of the share disposal.
The purchase price paid for InterFAX and related entities (including operations in Ireland, Israel, and a United States reseller) was $37 million in cash at closing, net of cash acquired, and a $5.0 million cash holdback payable over 18 months and subject to reduction for indemnification claims.