Asure Software Completes Sale of Workspace Management Business
December 02 2019 - 4:01PM
Asure Software (NASDAQ:ASUR), a leading provider of Human Capital
Management (HCM), today announced that it has completed the sales
of its Workspace Management business to FM:Systems.
With the close of the acquisition, Asure becomes a pure play
SaaS Human Capital Management (HCM) company focused on delivering
its award-winning solutions to small and midsize
businesses.
“This strategic move allows Asure to be laser-focused on our HCM
business,” said Pat Goepel, CEO of Asure Software. “Overall gross
proceeds were $121.5 million due to better than expected Workspace
billings and improvements in working capital. We have right-sized
our capital structure and used the proceeds to pay down all of our
institutional debt. Our intent is to finalize an amended facility
with Wells Fargo for general purposes, future growth and potential
acquisitions consistent with our lower debt construct as we laid
out on our third quarter conference call.”
“Going forward, we expect our recurring revenue mix to exceed 90
percent of total revenue, allowing for a visible financial model.
While we plan to focus on organic growth with the help of upsell
and cross-sell initiatives, we are also in a strong position to
pursue accretive acquisitions as those opportunities arise
consistent with our capital construct of maintaining low
institutional debt,” concluded Goepel.
The Workspace Management business will be included in Asure’s
financial results through December 2, 2019, but will no longer be
included following the completion of the sale. Asure expects to
present discontinued operations within its financial statements for
the fourth quarter ending December 31, 2019.
Forward-Looking Statements
The forward looking statements in this press release are made
under the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “believes,” “plans,” “expects,” “will,” “intends,”
“estimates” and “anticipates” and similar expressions are intended
to identify forward-looking statements. Actual results could differ
materially from those indicated by forward-looking statements
because of various risks and uncertainties, including those
described in Asure Software’s filings and reports with the
Securities and Exchange Commission. Except as required by law,
Asure Software is not obligated to update these forward-looking
statements to reflect events or circumstances that occur after the
date of this press release or to reflect the occurrence of
unanticipated events.
About Asure Software
Asure Software, Inc. (NASDAQ: ASUR), headquartered in Austin,
Texas, provides innovative SaaS-based HCM solutions, delivered in
the cloud that help clients grow their business. Asure helps
businesses develop their Human Capital to get to the next level,
stay compliant, and allocate time, money and technology toward
growth. Asure Software’s offerings include a fully-integrated HCM
platform, Time & Attendance, Talent Management, Employee
Benefits, Benefits Administration, and Payroll & Tax. Visit us
at www.asuresoftware.com.
Company Contact:Stacy ZellnerDirector of
MarketingAsure Softwareszellner@asuresoftware.com512-843-7567
Investor Contact:Carolyn Bass415-445-3232
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