Acquisition Solidifies Asure's Portfolio and Position as
Leading Global Provider of Workspace and Workforce Management
-- Expects Q2 2012 results (pre-acquisition) to be at upper end of revenue
and EBITDA (ex one-time items) guidance
-- Increases Q3 and Q4 2012 revenue guidance to $6.9 M - $7.1M and $7.8M -
$8.1M, respectively (primarily as a result of the acquisition)
-- Increases Q3 and Q4 EBITDA guidance (ex one-time items) to $1.1M - $1.3M
and $1.9M - $2.2M, respectively (primarily as a result of the
-- Issues 2013 guidance of $31M revenue, $9M EBITDA, and $7M ($1.30 per
share) of free cash flow
AUSTIN, Texas, July 5, 2012 (GLOBE NEWSWIRE) -- Asure Software, Inc.
(Nasdaq:ASUR), a leading provider of workplace management software,
today announced that it has acquired PeopleCube, of Framingham, MA.
PeopleCube has enabled the deployment of a high-quality, flexible
workplace and the ability to plan, schedule, measure and analyze space
and resource utilization to attain new levels of effectiveness and
efficiency. One of the leaders in providing intelligent on-demand
workplace management solutions that help customers manage their
facilities, PeopleCube solutions minimize real estate, meeting
services, travel, and energy costs based on actual workspace usage.
PeopleCube supports 7,500 Clients in small, medium, and large
enterprises around the world. With this acquisition, Asure becomes the
leading global provider of workspace management solutions.
On July 3, 2012, Asure Software entered into a stock purchase agreement
to acquire PeopleCube for a combination of cash and stock. The purchase
price was composed of $9.8 million cash paid at closing; a $3 million,
two-year seller's note; and the issuance of 255,000 shares of common
stock, representing just under five percent of Asure's outstanding
shares. Asure financed the deal via a new debt financing facility with
further details of the acquisition and financing facility to be
detailed in Asure's 8K (to be filed shortly). In addition to funding
the acquisition, the new facility allowed Asure to re-finance certain
of its existing debt.
"PeopleCube's product suite of workplace management solutions helps
companies improve efficiencies in workplaces every day, and is directly
in line with the Asure Software strategy," said Pat Goepel, Asure's
Chief Executive Officer. "We are excited to integrate best practices of
the PeopleCube product line to the Asure solution set. The enterprise
service model will greatly improve our ability to bring solutions to
companies of all sizes in a much larger marketplace."
"This acquisition creates a global leader in providing solutions that
manage workspace environments," said John Anderson, former President
and Chief Executive Officer of PeopleCube who will remain at the
company. "The overall suite of available products and services extends
Asure's reach to the workspace management needs of organizations around
the world." PeopleCube's Resource Scheduler, Workspace Manager,
PeopleCounter, Workplace Business Intelligence, and Energy Management
solutions will be carried forward and will be incorporated into the
newly formed AsureSpace business line which will be led by Anderson.
"The financial synergies from the acquisition are readily identifiable
and implementation is already underway," said Asure's Chief Financial
Officer, David Scoglio. "Efficiencies will come in the form of savings
through consolidation, streamlining of deployment and adoption
activities, reducing duplicative costs, and leveraging our hosting
infrastructure across the larger company. We expect the PeopleCube
acquisition to increase the cash generation of the business, and we
anticipate realizing significant synergies in the near-term."
"Given the product and business synergies between PeopleCube and Asure
Software, this acquisition is a win-win for clients of both
organizations," added Steven Rodriguez, Chief Operating Officer for
Asure. "We have the ability to enhance our customer offering in
existing verticals while expanding into additional key vertical markets
ranging from small business to enterprise clients on a global scale. No
other company has the ability to serve that market potential. Our value
proposition is powerful, and we are excited to push our new
capabilities to our clients now exceeding over 11,000 combined."
"We have rebuilt Asure into a larger, more agile company with a
predictable recurring revenue stream and strong organic cloud bookings
growth, with high incremental margins on that growth," added Mr.
Goepel. "The integration of PeopleCube completely fits into this
strategy. We have tripled the size of our company in the past three
years, and this acquisition will further improve our ability to deliver
significant new bookings growth. We believe we are on the right path to
enhancing shareholder value, and hope to report further progress as we
About Asure Software
Asure Software, Inc. (Nasdaq:ASUR), headquartered in Austin, Texas,
offers intuitive and innovative technologies that enable companies of
all sizes and complexities to operate more efficiently. The company
ensures a high-performing work environment by integrating its "keep it
simple" solutions and expertise to more than 3,500 clients worldwide.
Asure Software's suite of solutions range from time and attendance
workforce management solutions to asset optimization and meeting room
management. For more information, please visit www.asuresoftware.com.
The Asure Software, Inc. logo is available at
PeopleCube provides intelligent on-demand workplace management
solutions that help customers cut real estate, meeting services,
travel, and energy costs based on actual workspace usage. Through its
corporate headquarters in Framingham, Massachusetts, and offices around
the world, PeopleCube supports 8,000 Clients and more than 2.7 million
users in small, medium, and large enterprises around the world. More
information is available at www.peoplecube.com.
CONTACT: David Scoglio, CFO
Asure Software, Inc.
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 107