- The mobile messaging market is large but facing pricing pressures, leading to industry consolidation through M&A and partnerships. Consolidation provides benefits like improved reliability, scalability, and diversity of integrations. - VC funding for early stage mobile messaging companies has slowed, contributing to a more fragmented competitive landscape with subscale players experiencing stalling growth. - Enterprises are increasingly leveraging mobile messaging to engage customers and employees through services like notifications, confirmations, surveys and alerts due to the ubiquity of mobile phones. - Panelists discussed opportunities for companies to assess their position and either acquire competitors

2. Forward-looking Statements
This release contains forward-looking statements which are subject to substantial risks,
uncertainties and assumptions. Accordingly, you should not place undue reliance on these forward-
looking statements. Forward-looking statements include any statement that does not directly relate
to any historical or current fact and often include words such as "believe," "expect," "anticipate,"
"intend," "plan," "estimate," "seek," "will," "may" or similar expressions. Actual results may differ
materially from those indicated by such forward-looking statements as a result of various important
factors, including: our financial performance and our ability to achieve, sustain or increase
profitability or predict financial results; our ability to attract and retain customers; our ability to
deliver high-quality customer service; lack of demand growth for enterprise work management
applications; our ability to effectively manage our growth; our ability to consummate and integrate
acquisitions and mergers; maintaining our senior management and key personnel; our ability to
maintain and expand our direct sales organization; the performance of our resellers; our ability to
adapt to changing market conditions and competition; our ability to successfully enter new markets
and manage our international expansion; fluctuations in currency exchange rates; the operation
and reliability of our third-party data centers and other service providers; and factors that could
affect our business and financial results identified in Upland's filings with the Securities and
Exchange Commission (the "SEC"), including Upland's most recent 10-K, filed with the SEC, and our
recent Quarterly Report on Form 10-Q filed with the SEC on November 16, 2015. Additional
information will also be set forth in Upland's future quarterly reports on Form 10-Q, annual reports
on Form 10-K and other filings that Upland makes with the SEC. The forward-looking statements
herein represent Upland's views as of the date of this press release and these views could change.
However, while Upland may elect to update these forward-looking statements at some point in the
future, Upland specifically disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing the views of Upland as of any date subsequent to the
date of this press release.

3. World Financial Symposiums
www.wfs.com
WFS is an international organization dedicated to educating
technology leaders through monthly,
Market Spotlight webcasts and day-long
Growth and Exit Strategies for Software and IT Companies
conferences.
Upcoming Events:
Market Spotlights
- Trends & Opportunities in Health Tech – April 26
- Trends and M&A for Media-tech Companies – May 26

4. Daniel Bernstein has worked in a number of roles over a twenty year
career in high technology, most recently as the founder and CEO of
Sandlot Games Corporation, a leading casual games publisher and
developer. Having sold Sandlot Games to Digital Chocolate in 2011,
Daniel started a games studio and a consulting practice where he
advises larger companies such as RealNetworks and high growth
businesses on product development, strategic initiatives, and M&A
opportunities.
Prior to Sandlot Games, Daniel Bernstein held director level positions
in companies such as Wild Tangent and Monolith. Daniel holds a BS in
Computer Science and an MA in Music Composition from the
University of Virginia.
Dan Bernstein
Vice President, Corum Group
Moderator

5. Agenda
• Introduction
• Mobile Messaging Trend Report
• Discussion
• Q&A

6. Jay currently serves as Senior Vice President of Amdocs and General
Manager of OpenMarket, a leading enterprise mobile engagement
company. Prior to joining OpenMarket, Jay was President-Americas at
mBlox where he led the successful market launch of SMS services into
the US market. Jay was previously Senior Vice President of Operations
for ATG, and previous to that he was Vice President of Sales and
Marketing at New Edge Networks.
Jay has more than 20 years of multi-functional communications
experience, including leadership positions at LightNetworks, Logix,
and MCI. He also worked at Andersen Consulting (currently
Accenture) and served 6 years as a United States Marine Officer. Jay
has an MBA from American University and a BA from St. Anselm
College.
Jay Emmet
General Manager, OpenMarket
Trend Report

7. Proprietary & Confidential to OpenMarket7
Supporting 4 of
the Top 10 most
respected global
brands1
40% of mobile
messaging
vendors rely on
OpenMarket2
Over 1 billion
mobile messaging
interactions each
month
Offices in Seattle,
Detroit, London,
Sydney & Pune
A division of Amdocs
(NASDAQ: DOX)
Smart, interactive
connectivity to over
200 countries
1 Harris Interactive 2014
2 Forrester Mobile Messaging Vendor Overview report 2013
For more than 15 years, OpenMarket has been a leading provider of mobile
messaging solutions for enterprises to engage with their customers and employees
About OpenMarket

8. About Amdocs
OpenMarket is a division of Amdocs. Amdocs is a leading provider of software
and services for communications, media and entertainment industry service
providers
Proprietary & Confidential to OpenMarket8
Global revenues of
> $3 billion
20,000 employees
globally
Trusted by 250+
enterprise
customers in 70
countries
Annual operating
income of
> $650 million
Cash/Cash
Equivalent/Short-
Term holdings
> $1.1 billion
30 + years of
industry
expertise

9. Overview of Application-To-Person
Mobile Messaging Market and Value
Chain
Enterprises
ASP*
Aggregators Local Carriers
Mobile
Subscribers
* Application Service Provider

10. A2P Global Market Sizing & Forecast
10
A2P SMS
Global
Revenue
$55 Billion in
2013
$60 Billion in
2018
• P2P revenue in decline – switching to OTT
• Revenue from each OTT message is forecast to be less that 1% of that from
SMS in 2019
• OTT facing struggle to monetize
1,7621,7331,6881,625
1,540
1,436
1,315
1,174
2016F 2018F2017F20132012 2014F 2015F2011
A2P & P2A SMS Traffic – Worldwide (in Billion)

11. Analysts’ Market View
Mobile messaging is the most effective tool in initiating mobile
moments to drive consumer engagement and financial results.
For the next 10 years, mobile will be the heart of customer engagement.
For enterprises to embrace mobile as a strategic advantage, they must
be able to leverage the flexibility, scale, and economy that only a
mobile engagement platform can provide.
The mobile phone is ubiquitous. It’s the most widely adopted device
in recent history.

12. How Mobile Can Impact Business
• Service alerts &
notifications
• Bill reminders
• Surveys
• Appointment
reminders,
updates,
confirmations
• Lower cost
• Improve
customer
experience
• Gain customer
feedback
• Order alerts &
updates
• Shipping
notifications
• Workforce
management &
notification
• Lower cost
• Differentiate
customer
experience
• Optimized
workforce
• Emergency
notifications
• Timesheet
reminders
• Company
announcements
• Reduce turnover
• Employee
welfare & safety
• Streamline
communications
• Employee
satisfaction
• User
authentication
• Password reset
• System &
network outage
alerts
• Escalation
management
• Mitigate risk
• Ensure business
continuity
• Customer loyalty
• Promotions
• Special offers &
couponing
• Satisfaction
surveys &
feedback
• Increase revenue
• Increase brand
awareness
• Gain customer
insight
• Fraud prevention
• Account
notifications &
balance alerts
• Two-Factor
authentication
• Reductions in
fraud loss
• Increased
customer loyalty
• Improved
customer
experience
• Reduced support
costs

13. Panelists
Austin Woody
Vice President, M&A and
Corporate Development
Jed Alpert
Sr. VP and General Manager

14. Austin Woody
Vice President, M&A and
Corporate Development
Austin is the VP of M&A and Corporate Development at Upland, responsible for
acquisition strategy, execution, and integration. Before Upland, Austin was the
Director of Finance and Acquisitions at the Silverback Enterprise Group,
completing eight successful acquisitions and leveraging these companies’
synergies to create two separate platforms: Upland Software (NASDAQ:UPLD)
focused on SaaS Enterprise Work Management and Magnitude Software (Acq.
by Audax Group) focused on Enterprise Information Management. Austin
started his career at Deloitte in San Francisco/Bay Area. Austin served on Santa
Clara University’s Board of Trustees and as the Chair of the Finance Committee
on the Board of Directors for CRISPAZ. Austin earned a MA in Foreign Policy
from the University of Texas at Austin and a BS in Accounting from Santa Clara
University where he was awarded the university’s top male honor upon
graduation.

15. + Leading provider of cloud-based Enterprise Work Management software
+ Supporting over 2,000 customers and 235,000 global users
+ Public company
+ Headquartered in Austin, Texas
Overview

16. We provide Cloud Solutions across the enterprise
enabling amazing customer outcomes in:
+ PROJECT & IT
MANAGEMENT
+ WORKFLOW
AUTOMATION
+ DIGITAL
ENGAGEMENT
Upland Software

17. Project & IT
Management
Workflow
Automation
Digital
Engagement
• Lean Six Sigma/Process
Excellence
• Project & Portfolio Management
• Professional Services
Automation
• Risk Management
• IT Governance
• IT Cost Management
• New Product Development PPM
• Time & Expense Management
• Enterprise Content Management
• Accounts Payable/Receivable
Automation
• Human Resources Automation
• Healthcare Records Management
• Contract Process Automation
• Education Workflow Automation
• Government Document Management
• Electronic Kanban
• Collaborative Supply Portal
• Application-to-Person Mobile
Messaging
• Mobile & Text Marketing
• Web Content Management
• Website Visitor Analytics &
Reporting
Upland Product Family

18. Jed Alpert
Sr. VP and General Manager
Jed is Senior Vice President and General Manager of Mobile Commons by Upland Software. Prior to
successfully selling Mobile Commons to Upland Software in 2014, Jed co-founded and was the
Chief Executive Officer of the mobile messaging platform. He is considered one of the foremost
authorities on application-to-person mobile communications strategy. He and his work have been
featured in the New York Times, the Wall Street Journal, the Washington Post, the New Yorker, Fast
Company, MSNBC and many more. He has guest lectured at the Kennedy School of Government
and New York University, and has recently been a featured speaker at the Nonick International
Conference on Internet Trends, the Nonprofit Technology Conference, the National Conference on
Media Reform and more. Additionally, he is a frequent participant in Aspen Institute forums and
Ford Foundation events. He is the author of the book “The Mobile Marketing Revolution: How Your
Brand Can Have a One-to-One Conversation with Everyone.”
Jed previously served as the President of Sunshine Amalgamedia where he developed syndication
sponsorship models that paired up-and-coming directors with nationally branded sponsorship and
multiple distribution networks. Sunshine partners, clients, and customers have included Microsoft,
Oracle, and Scripps Howard. Additionally, Jed created marketing and sponsorship programs for
clients such as Justin Timberlake, Britney Spears, Pepsi and Samsung.
Prior to joining Sunshine, Jed worked as an attorney, focusing his practice on entertainment and
media law. He was a partner at Rudolph and Beer, and an associate at Paul Weiss. Jed has produced
numerous feature films including Sunday, winner of the 1997 Sundance Film Festival Grand Jury
Prize and the Waldo Salt Screenwriting Award. He is on the board of Eyebeam, the Harmony
Institute, and Health Foundation for the Americas. He was previously on the board of Riverkeeper
and has advised numerous film, arts and cultural organizations.

19. Austin Woody
Vice President, M&A and
Corporate Development
Jed Alpert
Sr. VP and General Manager
Panelists

20. VC Funding Trends: SMS Companies
6
50
16
33
3
86
22
47
19
22
43
2220
24
12
17
21
30
20
0
1
2
3
4
5
6
7
8
9
10
$10M
$20M
$0M
$30M
$80M
$100M
$70M
$60M
$50M
$40M
$90M
Deal Count
20122011 201520142013
Funding in $Ms
-30%
2016
Deal Count
Funding in $M’s
Data provided from CB Insights

21. Trends Contributing to Industry
Consolidation
- VC spending is slowing,
especially for early stage rounds
- Elastic pricing
- Commoditized cost drivers have
material scale benefits
- Vendor risk for subscale
businesses
Financial:
- Fragmented, competitive
landscape of subscale players
with stalling growth
- Easily transferrable technology
- Technology differentiators are
driven by diversity of
integrations and workflow
configuration
Strategic/Operational:

22. Benefits of Consolidation
• Reliability
• Scalability
• R&D
• Diversity of integrations & use cases
• Vendor relations

23. M&A & Exit Trends: SMS Companies
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
4
2015
2
5
6
2016
3
4
0
1
3
2
0
20122011
2
3
0
20142013
5
3
1
0
1 1
Trailing 4 Qtrs Exit Trending
M&A Transaction Count
IPO Transaction Count
Data provided from CB Insights

24. Austin Woody
Vice President, M&A and
Corporate Development
Jed Alpert
Sr. VP and General Manager
Panelists

25. Daniel Bernstein has worked in a number of roles over a twenty year
career in high technology, most recently as the founder and CEO of
Sandlot Games Corporation, a leading casual games publisher and
developer. Having sold Sandlot Games to Digital Chocolate in 2011,
Daniel started a games studio and a consulting practice where he
advises larger companies such as RealNetworks and high growth
businesses on product development, strategic initiatives, and M&A
opportunities.
Prior to Sandlot Games, Daniel Bernstein held director level positions
in companies such as Wild Tangent and Monolith. Daniel holds a BS in
Computer Science and an MA in Music Composition from the
University of Virginia.
Dan Bernstein
Vice President, Corum Group
Moderator

26. Market Consolidation
Considerations
• Reassess
• Look for blue ocean
• Reposition
• Maximize opportunities where others are not
• Acquire
• Go big
• Sell
• Join Forces

27. Q&A
We welcome your questions!
• Use Q&A window on left side
• Submit to queue at any time
• If your questions in not answered, we will attempt to
follow up after the event

28. Contact Us
For further information or copies of today’s
presentation:
Visit www.wfs.com
or
Email
Dan Bernstein: DanielB@corumgroup.com