Asure Software acquired iSystems Intermediate Holdco and Compass HRM. In connection with the acquisitions, the company increased the total principal amount of commitments under its credit facility from approximately $32 million to $75 million.
Wells Fargo was administrative agent for the transaction, which added a term loan of approximately $40 million of which $32 million was used to acquire iSystems. Goldman Sachs Specialty Lending joined the lending syndicate.
Based in Burlington, VT, iSystems is a national provider of HCM software for service bureaus, including independent payroll processors, banks and certified public accountants.
“Much like our transformational acquisition of Mangrove last year, the decision to acquire iSystems is consistent with our strategy of purchasing businesses with proven technology and a robust service bureau organization customer base, which present significant financial opportunities to upsell and cross-sell our solutions,” said Asure CEO Pat Goepel. “In fact, iSystems’ customer base of more than 100 service bureaus represents an attractive consolidation opportunity for us to potentially acquire approximately $130 million in additional payroll revenue.”