AUSTIN, Texas, April 02, 2018 (GLOBE NEWSWIRE) -- Asure Software, Inc.(NASDAQ:ASUR), a leading provider of Human Capital Management (HCM) and workplace management software, today announced that the Company has closed two strategic transactions. In conjunction with this announcement, the Company has updated its guidance regarding the impact of the two transactions on its fiscal year 2018 results.
On April 1, 2018, Asure Software purchased Wells Fargo Business Payroll Services’ Evolution HCM client portfolio and also acquired Austin HR located in Austin, Texas, a provider of outsourced human resources (HR), consulting, and professional services around payroll and employee benefits.
“These two new transactions provide us with substantial clients, service offerings and financial synergies. They are in line with our overall strategy to expand Asure’s footprint nationwide, while providing opportunities to enhance our service offerings and penetrate emerging growth markets,” said Asure Software CEO, Pat Goepel. “The transaction brings over 2,000 clients included within the Evolution HCM client portfolio from Wells Fargo Business Payroll Services, and provides both a natural client and technology synergy. Asure will now be able to provide these clients greater opportunities to streamline their business processes through our proven suite of workforce and workspace solutions. With the acquisition of Austin HR, we gain the leader in central Texas for HR support services and solutions allowing us to continue to scale and provide coverage at a national level.”
Goepel continues, “From a revenue standpoint, we will now be able to offer these clients our unified solutions which includes human capital management, time & labor management, workspace utilization, HR consulting services, benefits, cobra and insurance. We will be able to continue to cross-sell our solutions to existing clients, while generating a strong pipeline of revenue opportunities from new clients.
The transactions are expected to generate approximately $6 million of revenue, in the aggregate, in 2018.
Financial Outlook
"Based on the closing of the two transactions, we are updating our 2018 guidance. For fiscal 2018, we now expect to achieve revenue of between $85.0 million and $88.0 million up from $79.0 million to $82.0, and non-GAAP EBITDA, excluding one-time items, of between $19.0 million and $22.0 million up from $18.0 to $20.0,” noted Asure CEO, Pat Goepel. More details will be provided on Asure’s first quarter 2018 earnings call.
"These transactions are consistent with our objective of scaling our business both organically and inorganically through strategic acquisitions. We remain focused on achieving our short-term goal of surpassing $100 million in revenue along with non-GAAP EBITDA margins of between 22% to 25%,” commented Goepel.
About Asure Software
Asure Software, Inc. (NASDAQ:ASUR), headquartered in Austin, Texas, offers intuitive and innovative solutions designed to help organizations of all sizes and complexities build companies of the future. Our cloud platforms enable more than 100,000 clients direct and indirect, worldwide to better manage their people and space in a mobile, digital, multi-generational, and global workplace. Asure Software's offerings include a fully-integrated HCM platform, flexible benefits and compliance administration, HR consulting, and time and labor management as well as a full suite of workspace management solutions for conference room scheduling, desk sharing programs, and real estate optimization. For more information, please visit www.asuresoftware.com.
