Asure Software, a provider of workplace management software, has acquired on-demand workplace management solutions company PeopleCube. 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. In addition to funding the acquisition, the new facility allowed Asure to re-finance certain of its existing debt.