About Asure Software

Asure Software, Inc. (Asure) provides cloud-based Human Capital Management (‘HCM’) software solutions delivered as Software-as-a-Service (‘SaaS’) for small and medium-sized businesses (‘SMBs’). The company offers human resources (‘HR’) tools necessary to build a thriving workforce, providing the resources to stay compliant with dynamic federal, state, and local tax jurisdictions and their respective labor laws, freeing cash flows so SMBs can spend their financial capital on growing their businesses rather than administrative overhead that can impede growth. The company’s solutions also provide new ways for employers to connect with and to differentiate themselves with their employees in order to enhance their relationships with their talent. Asure’s HCM suite (‘Asure HCM’) includes Payroll & Tax solutions, HR compliance and services, Time & Attendance software and data integrations that enable employers and their employees to enhance efficiencies and take advantage of value-added solutions, which the company refers to as AsureMarketplace. AsureMarketplace automates interactions between the company’s HCM systems with third-party providers to enhance efficiency, improve accuracy and to extend the range of services offered to employers and their employees. The company’s approach to HR compliance services incorporates artificial intelligence technology to enhance scalability and efficiency while prioritizing client interactions. The company offers these services directly and indirectly through the company’s network of Reseller Partners. From recruitment to retirement, the company’s solutions help more than 100,000 SMBs across the United States. Approximately 15% of the company’s clients are direct with the remaining balance indirect, as they have contracts with Reseller Partners who white label the company’s solutions. The company strives to be the most trusted HCM resource to SMBs. The company targets less densely populated U.S. metropolitan cities where fewer of the company’s competitors have a presence. The company’s solutions solve three primary challenges that prevent businesses from growing: HR complexity, allocation of human and financial capital, and the ability to build great teams. The company has and will continue to invest in research and development to expand the company’s solutions. The company’s solutions reduce the administrative burden on employers and increase employee productivity while managing the employment lifecycle. The Asure HCM suite includes five product lines: Asure Payroll & Tax, Asure Tax Management Solutions, Asure Time & Attendance, Asure HR Compliance, and AsureMarketplace. Solutions The company’s solutions are primarily cloud-based and delivered as SaaS and HR services, as well as professional services and hardware (time clocks and data collection devices). Payroll and Tax. Asure Payroll & Tax is an integrated solution that provides a foundation for the company’s clients’ digital HR strategy. The company simplifies payroll and automates and ensures compliance with the changing nature of regulations associated with payroll and taxes in all U.S. jurisdictions—from wages, benefits, overtime, and garnishments to tips, direct deposits, the Fair Labor Standard Act and federal, state, and local payroll taxes. Features include payroll taxes driven by up-to-date federal, state, and local tax tables and filing in a timely and accurate manner; adhering to annual filing requirements for Form W-2 and forms mandated by the Affordable Care Act; general ledger integration; managed garnishments; and employee self-service. Tax Management Solutions. Asure provides innovative payroll tax processing software and service solutions for the payroll service industry, mid-market and large corporate employers. With several scalable software and service options, from traditional full-service outsourcing to SaaS solutions, the extensive product line offers companies the ability to select a payroll tax solution that suits their needs. Asure’s Tax Management Solutions also support bulk filing and processing of Employee Retention Tax credits. Human Resource Compliance. Asure handles HR complexities that SMBs face, including employee self-service, applicant tracking, onboarding and compliance with federal, state and local regulations. Asure provides three core levels of HR services: (i) HR support, which provides an on-demand HR resource library, phone and email support for any HR issues and compliance and policy updates; (ii) Strategic HR, which provides more in-depth support for strategic HR decision making; and (iii) Total HR, which provides a complete HR outsourcing solution. Time and Attendance. Asure Time & Attendance combines with the company’s complementary hardware (time clocks and data collection devices) to provide cost savings and potential return on investment gains in the form of a more strategic use of labor dollars and the elimination of time theft. Mobile time tracking helps executives better understand where and when their employees are working, providing insight into labor schedules and labor costs. With the company’s mobile solution, employees can punch in and out from remote locations, as geo-positioning verifies their physical coordinates. Biometric time clocks, including facial recognition, reduce time theft and assists in the verification of the identities of workers. Automated system notifications, real-time dashboards, and flexible configuration options all work to streamline operations. Finally, employees, supervisors and executives have real-time access to data and business intelligence to optimize labor costing, improve labor scheduling, and control labor costs. Asure Marketplace. AsureMarketplace automates interactions between the company’s HCM systems with third-party providers to enhance efficiency, improve accuracy and to extend the range of services offered to employers and their employees. Asure has developed a large set of pre-built applications that businesses can connect with and has developed integrations with partners to exchange capabilities and data. These integrations enable businesses to communicate seamlessly and support a wide range of business-to-business and business-to-consumer applications. Business applications can include income verification and earned wage access. The company is developing consumer applications and expect such applications to be a component of AsureMarketplace in the future. Sales and Distribution The company sells its solutions through both direct and partner models. Prospective clients learn about Asure in a variety of ways, including advertising, website searches, sales calls, public relations, referral channels, direct marketing, and social media. When prospective clients show an interest in Asure, they are connected with a sales representative, who works to close the sale, via Asure’s web site, phone, or a face-to-face meeting by discussing solutions that meet their needs. The company tracks its marketing and sales activities to provide immediate insights into activities, leads and pipeline opportunities. The company’s account management teams work with clients to promote and sell additional solutions that are relevant for each client. The company supplements its direct sales efforts with partner programs. By working with partners, the company gains access to opportunities in various geographic and industry niches. Asure has two distinct partners: Reseller Partners and Referral Partners. Reseller Partners. Reseller Partners pay the company recurring license fees to white label the company’s solutions while providing value-added services to their clients (the company’s indirect clients). There are generally two types of Reseller Partners: regional payroll providers and SMB trusted advisors (CPA, regional banks, and benefit brokers). Regional payroll providers typically focus on a specific geographic area or industry. They have proven to be attractive alternatives for SMBs’ payroll and HCM needs versus national payroll companies that may not cater to the local needs of SMBs. Since trusted advisors are relied on by entrepreneurs and executives at SMBs to advise on payroll and HR decisions, white labeling the company’s solutions allows them to provide additional solutions directly to their clients. The company’s Reseller Partners are the primary source of the company’s acquisitions. Because they white label the company’s solutions, technology integration risk is lessened. By acquiring Reseller Partners, the company gains a presence in specific geographic (typically less densely populated U.S. metropolitan cities) and industry niches. These acquisitions help Asure gain scale by assuming all of the Reseller Partners’ revenue rather than a recurring licensing fee. Reseller Partners can continue to license the company’s solutions with the opportunity to expand their available solutions, or they can come under the Asure umbrella. Referral Partners. Referral Partners are typically trusted advisors (e.g., regional banks, CPAs, and benefit brokers) that provide the company with SMB leads but do not resell its solutions. Since SMBs rely on their trusted advisors to guide them in selecting payroll and HCM solutions, the company has found this to be a fruitful source of leads. Referral Partners provide qualified leads that convert to clients at a higher rate than non-referral leads. The company has been successful in nurturing some Referral Partners to become Reseller Partners over time as the referral relationships develop and they become more comfortable in the HCM space. Competition Asure’s main competitors are ADP, Paychex, UKG, Paylocity, Paycor, Paycom, Ceridian, isolved, and Gusto. Primary competitors to Asure Time & Attendance include UKG, Paychex, ADP and Time Simplicity. Primary competitors to the company’s tax management solutions are Ceridian and ADP. Marketing The company deploys direct marketing programs to drive awareness, interest and revenue. Marketing vehicles include the company’s web site, organic and paid search, advertising, public relations, direct marketing, events, social media, content marketing, reputation management, and other digital marketing tactics. The company’s marketing plan addresses growth and retention goals for key target audiences throughout the United States. Sales Enablement The company continues to invest in sales enablement tools, processes, and best-practice training of the company’s sales organization. The company has implemented and continues to optimize an end-to-end lead generation process that generates leads from marketing activities and captures and tracks all digital click behavior of the lead in the company’s marketing automation software and customer relation management. The company follows up with leads and take all through a qualification process that ends in a closed loop of either won/lost opportunities or leads that get passed back to marketing for further nurturing. Sales Enablement staff support sales with product training, client and prospect demonstrations, and marketing webinars, as well as best practices in modern selling that leverages email, social media, and online video. Industry Regulation In the United States, the Health Insurance Portability and Accountability Act of 1996, including the related data security provisions, applies to the company’s flexible spending account services. The company is also subject to federal and state security, privacy, and security breach notification laws with respect to personal and sensitive data as defined under such laws. Such state and federal laws include laws, such as the California Consumer Privacy Act of 2018, as amended and the Illinois Biometric Information Privacy Act and rules and regulations promulgated under the Federal Trade Commission. Many of the company’s solutions assist clients in complying with certain U.S. laws and regulations that apply to them, particularly in the human resources and employment law areas such as wage payment laws, state payroll tax filing and reporting, employee onboarding, and compliance with the IRS rules governing employers including tax withholdings, payroll tax filing and the preparation of Form W-2. The company’s HCM solutions assist clients with managing their compliance with other laws, including helping to meet their obligations as a plan sponsor under COBRA; sponsor and administer compliant Flexible Spending Account Plans; and provide compliant Consumer Health Care Plans, such as Health Savings Accounts and Health Reimbursement Accounts. The company’s Tax Management Solutions also support bulk filing and processing of Employee Retention Tax Credits, which is legislation that is part of the CARES Act. Trademarks The company has registered Asure Software as a federal trademark with the U.S. Patent and Trademark Office. Asure’s other core federally registered trademarks include Asure, AsureForce, AsureHCM and Evolution. Research and Development The company’s research and development (‘R&D’) expenses were $6,846 for the year ended December 31, 2023. History Asure Software, Inc. was founded in 1985. The company was incorporated in 1985 as a Delaware corporation.