Asure Closes $26.5M Payroll Deal, Refinances Debt With MUFG
Company Background
Asure Software (Nasdaq: ASUR) is an Austin-based provider of cloud-based human capital management software covering payroll, HR, time and attendance, benefits administration, and payroll tax management. The company has grown aggressively through bolt-on acquisitions, with revenue rising 17% in full-year 2025 to $140.5 million and continuing at a 23% year-over-year clip through the first half of 2026. Market capitalization is approximately $211.7 million.
Despite the revenue trajectory, the company has been GAAP loss-making in most recent quarters. The net loss was $13.1 million for full-year 2025 and $3.8 million for the first half of 2026. Adjusted EBITDA — which strips out stock-based compensation, amortization of acquired intangibles, and one-time items — came to $32.0 million for 2025 and $20.1 million for the first six months of 2026. The balance sheet as of June 30, 2026 showed $19.7 million in unrestricted cash, approximately $68.9 million in total notes payable, and a $324.2 million accumulated deficit. Goodwill and intangible assets together totaled approximately $199 million, reflecting the acquisition-heavy growth strategy.
What Was Disclosed
Asure acquired certain assets of a payroll processing business primarily located in the southeastern United States on October 15, 2026, for an aggregate purchase price of $26.5 million. The consideration comprised $13.5 million in cash at closing, a $3.0 million promissory note maturing April 15, 2028 at 3% interest, and 1,206,141 shares of common stock valued at $8.29 per share — or $10.0 million in total equity consideration. The shares were issued in a private placement exempt from registration under Section 4(a)(2) of the Securities Act, meaning the recipient seller cannot freely trade them. The purchase price remains subject to working capital adjustments. The filing does not disclose the target's name, revenue, or earnings.