[May 16, 2013] Austin-based Silverback acquires another company, which becomes part of Upland Software [Austin American-Statesman] Tweet (Austin American-Statesman (TX) Via Acquire Media NewsEdge) May 16--Austin-based business software company Silverback Enterprise Group has completed its fifth acquisition and says it is planning to do more deals. Silverback, which is backed by $50 million from Austin Ventures, will announce this week that it has bought FileBound, a provider of cloud-based workflow automation and document management software. FileBound, which has 50 employees, will retain its headquarters in Lincoln, Neb. Financial terms were not disclosed. FileBound will become part of Austin-based Upland Software, which Silverback created by combining four other acquisitions of cloud-based software companies in the project portfolio and work management market. With the addition of FileBound, Upland has about 250 employees, including about 25 in Austin. The company doesn't disclose revenue but is profitable, officials said. Veteran software executive Jack McDonald teamed with Austin Ventures in 2010 to form Silverback after stepping down as chairman of Austin software company Perficient Inc. He was CEO of Perficient from 1999 to 2009. Silverback is part of Austin Ventures' strategy of teaming up with seasoned executives to build new companies. The Austin-based venture firm typically commits $50 million to make acquisitions and develop new technology. The goal is to create market-leading cmopanies that can be taken public or sold. Upland will continue to buy small cloud-based companies in the project management and work management business, McDonald said. "We're building a family of products that enables companies to see everything going on to ensure that they are making the proper investments in talent and money and time," he said. "We see tremendous potential for it, we've got a robust pipeline of promising companies, and we anticipate continuing to be an active acquirer." ___ (c)2013 Austin American-Statesman, Texas Visit Austin American-Statesman, Texas at www.statesman.com Distributed by MCT Information Services [ Back To TMCnet.com's Homepage ]