Asure Software amended its credit facility, increasing the term loans and amount of available financing to $175 million. According to a related 8-K filing, Wells Fargo served as administrative agent for the transaction.
Term loans under the facility are $105 million, which includes approximately $36.75 million of new debt. The facility includes a $5 million revolver. An additional $65 million will be available to support the company’s continued growth and future acquisitions.
Concurrently, Asure purchased Wells Fargo Business Payroll Services’ Evolution HCM customer portfolio and Austin HR, a professional HR services firm for outsourced payroll and employee benefits services.
“The new credit facility increases our financial footing as we continue to make strategic acquisitions. In addition, today, we are increasing our shelf registration to $175 million from approximately $60 million available under existing shelf registrations,” said CEO Pat Goepel.
Austin, TX-based Asure Software offers a variety of software to support human resources departments.
