Upland is using the Thermo (TMO) method of getting bigger -- It can work...
Upland Software Clients (Source: Upland Software Investor Presentation)

Highly Acquisitive Strategy Raises Questions
Upland is upfront about how it uses acquisitions to facilitate its growth. Since its IPO in 2012, the firm has bought 26(!) cloud-based companies, spending over $464 million in the process. Their latest 10-Q and investor presentation state that they will continue with this strategy for the foreseeable future. According to their logic, it makes more sense to buy “proven” software products, “professionalize” their operations, and then sell them to their own established customer base. They often buy these companies from venture capital firms, seeking out what they call “orphaned” investments.
Upland Software Clients (Source: Upland Software Investor Presentation)

Highly Acquisitive Strategy Raises Questions
Upland is upfront about how it uses acquisitions to facilitate its growth. Since its IPO in 2012, the firm has bought 26(!) cloud-based companies, spending over $464 million in the process. Their latest 10-Q and investor presentation state that they will continue with this strategy for the foreseeable future. According to their logic, it makes more sense to buy “proven” software products, “professionalize” their operations, and then sell them to their own established customer base. They often buy these companies from venture capital firms, seeking out what they call “orphaned” investments.