Asure Software, Inc. is a publicly traded software company headquartered in Austin, Texas, specializing in human capital management (HCM) solutions. Founded in 1985 as Forgent Networks, the company rebranded to Asure Software in 2007, shifting its focus to HCM services.
Company Overview
- Name: Asure Software, Inc.
- Founded: 1985 (as Forgent Networks)
- Headquarters: 405 Colorado Street, Suite 1800, Austin, Texas, U.S.
- Key Executives:
- Pat Goepel – Chairman & CEO
- Eyal Goldstein – President & CRO
- John Pence – CFO
- Yasmine Rodriguez – CTO
- Industry: Software as a Service (SaaS)
- Number of Employees: 420 (as of 2022)
- Website: asuresoftware.com
Product and Service Offerings
Asure Software provides a comprehensive suite of HCM solutions, including:
- Payroll Processing: Automated payroll services ensuring compliance with tax regulations.
- Time and Attendance Management: Tools for tracking employee hours and managing schedules.
- Talent Management: Solutions for recruiting, onboarding, and performance management.
- Human Resource Management: Systems for managing employee records, benefits, and compliance.
- Benefits Administration: Platforms for managing employee benefits programs.
- Insurance Services: Offerings related to employee insurance plans.
Historical Background
Originally known as Forgent Networks, the company transitioned to Asure Software in 2007, focusing on HCM solutions. Prior to this shift, Forgent was involved in patent licensing, notably asserting rights over the JPEG image compression standard through its subsidiary, Compression Labs. This claim was based on a patent filed in 1986 and granted in 1987.
Acquisitions and Growth
Asure Software has expanded its capabilities and market reach through several strategic acquisitions:
- iEmployee (2007): Acquired to enhance time and attendance solutions.
- ADI Time (2011): Added cloud-based time and attendance software.
- Mangrove Employer Services (2016): Integrated human resource management software.
- Compass HRM Inc. (2017): Expanded HR management services.
- iSystems LLC (2017): Brought in Evolution payroll service-bureau software.
- Sheakley PaySystems (2018): Acquired Midwest client base.
- Austin HR (2018): Enhanced HR consulting and payroll services.
In December 2019, Asure Software sold its Workspace Management Business to FM:Systems, allowing the company to concentrate on its core HCM offerings.
Market Position and Financial Performance
As a component of the Russell 2000 Index, Asure Software is recognized within the small-cap segment of the U.S. equity market. The company's focus on SaaS-based HCM solutions positions it in a competitive market alongside other HCM providers. As of 2022, Asure Software employed 420 individuals, reflecting its growth and operational scale.
Competitive Landscape
The HCM software market is highly competitive, with key players including:
- ADP: Offers comprehensive HCM solutions with a global presence.
- Workday: Provides cloud-based HCM and financial management software.
- Paychex: Specializes in payroll and HR services for small to medium-sized businesses.
- Ultimate Software: Delivers cloud-based HCM solutions focusing on people management.
Asure Software differentiates itself by targeting small to mid-sized businesses with tailored solutions and personalized customer service.
Industry Trends and Outlook
The HCM industry is experiencing several key trends:
- Cloud Adoption: Increasing shift towards cloud-based solutions for scalability and flexibility.
- Integration of AI and Analytics: Enhanced decision-making through data-driven insights.
- Focus on Employee Experience: Emphasis on user-friendly interfaces and employee engagement tools.
- Regulatory Compliance: Continuous updates to meet evolving labor laws and regulations.
Asure Software's commitment to innovation and customer-centric solutions positions it well to capitalize on these trends and maintain a competitive edge in the HCM market.
