Asure completes sale of Workspace Management business
Asure Software 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 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 $121.5M 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."