Asure Software Closes Three Strategic Acquisitions and Provides 2018 Financial Guidance

1/2/18

AUSTIN, Texas, Jan. 02, 2018 (GLOBE NEWSWIRE) -- Asure Software, Inc.(NASDAQ:ASUR), a leading provider of Human Capital Management (HCM) and workplace management software, has closed three strategic acquisitions and provided financial guidance for the fiscal year ending December 31, 2018.

On January 2, 2018, Asure Software closed three strategic acquisitions: TelePayroll Inc., a Southern California-based provider of HR, payroll and employee benefits services; Pay Systems of America, Inc., a provider of HR, payroll and employee benefits services; and Savers Administrative Services, Inc., a certified third-party administrator of payroll and HR services. All three companies are current resellers of Asure's leading Human Resource Information System platform, Evolution.

“These acquisitions are consistent with our strategy to augment our solid organic topline growth with select accretive acquisitions of service bureaus already using our software,” said Asure CEO, Pat Goepel. “In addition to building on our momentum of successfully taking advantage of the multi-million-dollar service bureau consolidation opportunity, these new acquisitions provide us with significant customer, product and financial synergies. In particular, they expand Asure’s footprint across the U.S., giving us greater coverage nationwide, especially on the West Coast with our acquisition of TelePayroll. Savers Administrative marks our entry into the Carolinas, while our acquisition of Pay Systems of America solidifies our expansion into the Southeast, a region where we’ve had increasing success. Given that all three service bureaus have been resellers of our leading HCM solutions, we are confident that we can quickly and effectively integrate these acquisitions into our business, and be able to achieve meaningful revenue and EBITDA improvements in 2018.”

The acquisitions are expected to generate approximately $13 million of revenue, in aggregate, in 2018.

Financial Outlook
“We finished 2017 on a strong note and have established good momentum to start the new year,” added Goepel. “Following these acquisitions, we are updating and expanding the 2018 financial construct that we reaffirmed in November, which was to reach between $70.0 million and $80.0 million of revenue, with non-GAAP EBITDA, excluding one-time items, of between $16.0 million and $20.0 million. For fiscal 2018, we now expect to achieve revenue of between $78.0 million and $81.0 million, and non-GAAP EBITDA, excluding one-time items, of between $18.0 million and $20.0 million.

“Looking ahead, we are focused on our key growth initiatives, including accelerating the velocity of our cross-selling opportunities and scaling our business both organically and through strategic acquisitions. Thanks to our overall growth and profitable track record, we are ideally positioned to capitalize on the robust pipeline of opportunities in front of us and remain focused on achieving our mid-term goal of surpassing $100 million in revenue along with non-GAAP EBITDA margins of between 22% to 25%.”

About Asure Software

Asure Software, Inc., 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 80,000 clients 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

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