Ulysses Aggregator, LP has filed an amendment to its previous Schedule 13D, revealing an increase in its ownership of Upland Software, Inc. to 21.76%. This change, effective as of November 4, 2026, is significant as it indicates a growing influence of Ulysses Aggregator in the governance of Upland Software.

The filing highlights that Ulysses Aggregator now holds 789,686 shares of Upland's common stock, following a recent 1-for-10 reverse stock split that adjusted share values and ownership percentages. The increase in ownership percentage was attributed to a decrease in the total outstanding shares of common stock.

Background

Ulysses Aggregator, LP is a Delaware limited partnership, with its business address located in Palo Alto, California. The company has been actively involved in the acquisition of significant stakes in various firms. Upland Software, Inc., the subject of this filing, operates in the prepackaged software services industry, specifically categorized under the SIC code for services related to software.

What the Filing Says

The filing states, "This Amendment No. 4...amends and supplements the statement on Schedule 13D...relating to the common stock...of Upland Software, Inc." It further notes that the increase in ownership was due to the decrease in outstanding shares, stating, "This Amendment No. 4 is being filed to report a greater than 1% increase in the Reporting Persons' beneficial ownership." As of November 2, 2026, Upland reported 2,838,697 shares of common stock outstanding.

Impact

This increase in ownership may affect Upland Software's management and operational strategies, as Ulysses Aggregator could leverage its stake for influence over corporate decisions. The filing also mentions HGGC Fund IV GP, Ltd., which holds an additional 22.46% of the common stock, further consolidating control within a small group of investors.

What's Next

The filing does not say what happens next, leaving investors and analysts to speculate on potential changes in Upland Software's strategic direction or governance.