Business
Asure Reports Strong Q2 2023 Financial Results and Announced Public Offering to Pay Off High-Interest Debt and Help Fund Potential Acquisitions
AUSTIN, TX / ACCESSWIRE / August 18, 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 18, 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 pricing of a public offering following its strong Q2 2023 financial results, which showed record y/y revenue growth of 50% to $30.4 million.In their release, Asure says they plan on issuing 3,333,333 new common shares of stock for $12.00 per share, which equates to gross proceeds of approximately $40 million. Management says 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.Asure Chairman & CEO Pat Goepel: \"Our continued investments in product development are enabling our small business customers to better leverage our expertise while our enterprise clients access new tools to move money and manage increasingly complex tax laws more effectively. With further adoption of these capabilities, we are driving success in our HR compliance and Asure Marketplace™ offerings. In May, we released a new HR Benchmark Survey and Report that lays out best practices for small businesses, which we believe provides a clear roadmap for growth that our customers can leverage as they look to expand their operations. Going forward, we will continue to provide innovative HCM solutions that help small businesses thrive, HCM providers grow their base, and large enterprises streamline tax compliance.\"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.In other news, Zacks Investment Research has upgraded Asure stock to a \"Rank #1 (Strong Buy),\" according to its latest article from Aug...