Texas Business reports: AUSTIN—Asure Software Inc, a provider of workplace management software, acquired PeopleCube of Framingham, Mass.
PeopleCube 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, according to Asure company officials.
A leader 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 Asure chief executive Pat Goepel in a prepared statement. “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 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 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 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.”
Asure Software Inc., headquartered in Austin, has more han 3,500 clients worldwide. PeopleCube supports 8,000 Clients and more than 2.7 million users in small, medium, and large enterprises around the world