Business
Asure Reports Closing of Public Offering Raising Gross Proceeds of $40 Million
AUSTIN, TX / ACCESSWIRE / August 28, 2023 / Asure Software, Inc. (NASDAQ:ASUR) ("Asure" or "the Company"), a provider of cloud-based Human Capital Management
About this update from Asure Software Inc
[{"type":"text","content":"AUSTIN, TX / ACCESSWIRE / August 28, 2023 / Asure Software, Inc. (NASDAQ:ASUR) (\"Asure\" or \"the Company\"), a provider of cloud-based Human Capital Management (HCM) software solutions and services, announces the closing of its public offering of common stock after selling 3,333,333 newly issued shares at a price per share of $12.00.Management reiterated the company plans to utilize the proceeds to accomplish two key tasks:Acquire or invest in complementary businesses, assets of technologies; andRepaying outstanding debt from its September 2021 Loan and Security Agreement with Structural Capital Investments III, LP, and Ocean II PLO LLC.Important to note that Asure mentions it does not currently have any definitive agreements to acquire or invest in any business or technology, nor has an official decision been made regarding the repayment of the debt mentioned above.If Asure decides to move forward with its potential plans for the proceeds of the capital raise, the company would be paying off a high-interest loan, which could provide further benefits to its bottom line. Furthermore, any acquisitions or investments could conceivably help provide further top-line revenue growth for the company over time as well.The capital raise comes after strong second quarter 2023 financial results, which saw record revenue growth of 50% y/y to $30.4 million, recurring revenue growth of 21% y/y to $23 million, and adjusted EBITDA of $6.1 million.On a first-half 2023 basis, revenue jumped 42% to $63.5 million, compared to the first half of 2022. Recurring revenue jumped 21% to $50.9 million during the period and adjusted EBITDA saw a $10.3 million improvement to $14.3 million, compared to the first half of 2022.\"We delivered a historic performance for our Company in the second quarter with 50% organic growth in revenues and robust gains in operating margins, both of which are the primary result of technology enhancements and targeted sales efforts in our small business HCM and Enterprise Tax businesses,\" said Asure Chairman and CEO Pat Goepel. \"We are building on our strong momentum by advancing our technology through leading partnerships and integrating artificial intelligence to enhance our solutions. Technological evolution and regulatory change present tremendous opportunities for small businesses to grow and improve their operations, a...