13D Filing: ESW Capital, LLC and Upland Software Inc. (UPLD)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-102)

INFORMATION INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

RULE 13d-2(a)

(Amendment No. 7)*

UPLAND
SOFTWARE, INC.

(Name of Issuer)

COMMON STOCK, $0.0001 PAR VALUE PER SHARE

(Title of Class of Securities)

91544A109

(CUSIP Number)

ESW CAPITAL, LLC

401 CONGRESS AVENUE

SUITE 2650

AUSTIN, TX
78701

(512) 524-6149

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

May 30, 2017

(Date
of Event Which Requires Filing of This Statement)

If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☒

Note: Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

This Amendment No. 7 to Schedule 13D amends and supplements the Schedule 13D originally filed on
June 23, 2015 (the Original Schedule 13D), as amended and supplemented by Amendment No. 1 to Schedule 13D filed on July 22, 2015 (Amendment No. 1), Amendment No. 2 to Schedule 13D filed on
August 24, 2015 (Amendment No. 2), Amendment No. 3 to Schedule 13D filed on December 22, 2015 (Amendment No. 3), Amendment No. 4 to Schedule 13D filed on January 19, 2016 (Amendment
No. 4), Amendment No. 5 to Schedule 13D filed on March 17, 2016 (Amendment No. 5) and Amendment No. 6 to Schedule 13D filed on March 24, 2016, relating to the common stock, $0.0001 par value per share
(the Shares), of Upland Software, Inc., a Delaware corporation (the Issuer). The purpose of this Amendment No. 7 to Schedule 13D is to report that on May 30, 2017, ESW Capital, LLC contributed all of the shares of
the Issuer directly held by it to Wave Systems Corp., a wholly-owned subsidiary of ESW Capital, LLC, and to add Wave Systems Corp. as an additional reporting person.

Unless otherwise defined or modified below, capitalized terms used in this Amendment No. 7 to Schedule 13D shall have the meaning ascribed to them in the
Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5 and Amendment No. 6.

All disclosure for items contained in the Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4,
Amendment No. 5 and Amendment No. 6 where no new information is provided for such item in this Amendment No. 7 to Schedule 13D is incorporated herein by this reference.

Item 2 (a)  (c). This
statement is being filed by the following persons:

ESW,
Liemandt, Acorn, EPM Live and Wave are sometimes individually referred to herein as a Reporting Person and collectively as the Reporting Persons.

ESW is a private investment fund that is principally engaged in the business of investing in securities. Acorn, EPM Live and Wave is each a controlled
subsidiary of ESW that from time to time may hold securities for investment purposes. Mr. Liemandt is the sole voting member of ESW. The business address and principal executive offices of the each of the Reporting Persons are 401 Congress
Avenue, Suite 2650, Austin, Texas 78701.

Item 2 (d)  (e). During the last five years, none of the
persons identified in this Item 2 has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors), or has been a party to any civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to
such laws.

Item 2 (f). ESW is a Delaware limited liability company. Liemandt is a United States citizen. Acorn is a
Delaware corporation. EPM Live is a Delaware corporation. Wave is a Delaware corporation.

The aggregate cost of 2,875,323 of the Shares
acquired by ESW to date is approximately $22,530,141.99, inclusive of any applicable brokerage commissions.

As described in Item 6, in January 2014,
in connection with an Amended & Restated Technology Services Agreement between the issuer and an affiliate of ESW, the Issuer issued 1,803,574 shares of common stock to such affiliate (which shares were subsequently transferred to Acorn) at
a purchase price of $0.0001 per share for an aggregate purchase price of $1,100.

On March 14, 2016, the Issuer, a subsidiary of the Issuer and
Hipcricket, Inc. (Hipcricket), a cloud-based mobile messaging software provider and a subsidiary of ESW, entered into an asset purchase agreement, pursuant to which substantially all of the assets of Hipcricket related to
Hipcrickets business were sold in exchange for the issuance to Hipcricket of 1,000,000 shares of common stock of the Issuer and the Issuers EPM Live product business. The issuance of the shares of common stock of the Issuer to Hipcricket
was not registered under the Securities Act and the parties relied on a private placement exemption from such registration requirements. The value of such 1,000,000 Shares on the closing date of such transaction was $6,160,000, based on the closing
sale price of the Shares on March 14, 2016. On March 17, 2016, Hipcricket changed its name to EPM Live, Inc.

On May 30, 2017, ESW
contributed to Wave for no consideration all of the 2,875,323 Shares held directly by ESW as of such date.

Other than with respect to the transfer of
assets by Hipcricket, each of ESW and the affiliate of ESW referred to above used its own assets to purchase the shares.

(a) and (b) As of June 8, 2017, ESW may be deemed to
beneficially own 5,678,897Shares, representing approximately 30.8% of the 18,437,943 shares of the Issuers common stock outstanding on May 5, 2017 as reported in the Issuers Quarterly Report on Form
10-Q for the period ended March 31, 2017, filed with the Securities and Exchange Commission on May 12, 2017. The 5,678,897 shares consist of 2,875,323 Shares held directly by Wave (the Wave
Shares), 1,803,574 Shares held directly by Acorn (the Acorn Shares) and 1,000,000 Shares held directly by EPM Live (the EPM Live Shares). ESW may be deemed to have sole voting and dispositive power
with respect to the Acorn Shares, the EPM Live Shares and the Wave Shares.

As of June 8, 2017, Acorn may be deemed to beneficially own 1,803,574 Shares
held directly by it, representing approximately 9.8% of the 18,437,943 shares of the Issuers common stock outstanding on May 5, 2017 as reported in the Issuers Quarterly Report on Form 10-Q
for the period ended March 31, 2017, filed with the Securities and Exchange Commission on May 12, 2017. Acorn has sole voting, investment and dispositive power with respect to the Acorn Shares.

As of June 8, 2017, Liemandt may be deemed to beneficially own the 5,678,897 Shares that consist of the Wave Shares, the Acorn Shares and the EPM Live Shares,
representing approximately 30.8% of the 18,437,943 shares of the Issuers common stock outstanding on May 5, 2017 as reported in the Issuers Quarterly Report on Form 10-Q for the period ended
March 31, 2017, filed with the Securities and Exchange Commission on May 12, 2017. Liemandt may be deemed to have sole voting, investment and dispositive power with respect to the Wave Shares, the Acorn Shares and the EPM Live Shares.

As of June 8, 2017, EPM Live may be deemed to beneficially own 1,000,000 Shares held directly by it, representing approximately 5.4% of the 18,437,943 shares
of the Issuers common stock outstanding on May 5, 2017 as reported in the Issuers Quarterly Report on Form 10-Q for the period ended March 31, 2017, filed with the Securities and
Exchange Commission on May 12, 2017. EPM Live has sole voting, investment and dispositive power with respect to the EPM Live Shares.

As of June 8,
2017, Wave may be deemed to beneficially own 2,875,323 Shares held directly by it, representing approximately 15.6% of the 18,437,943 shares of the Issuers common stock outstanding on May 5, 2017 as reported in the Issuers Quarterly
Report on Form 10-Q for the period ended March 31, 2017, filed with the Securities and Exchange Commission on May 12, 2017. Wave has sole voting, investment and dispositive power with respect to
the Wave Shares.

(c) Except for the contribution to Wave described in Item 3, no Reporting Person has effected any transaction in the Shares in the 60
days prior to the filing of this Amendment No. 7.

(d) Except as set forth in this Schedule 13D, to the knowledge of the Reporting Persons, no person
had the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, securities covered by this Schedule 13D.

(e) Not applicable.

SIGNATURES

After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true,
complete and correct.

Dated: June 8, 2017