Asure Software is diving deeper into the Internet of Things with its latest acquisition.
The Austin-based company, which has grown in recent years by buying smaller companies, said Monday it has acquired OccupEye Limited, which provides an employee monitoring device.
OccupEye was developed by Cad-Capture, a United Kingdom-based data management company.
Financial terms of the deal were not disclosed.
OccupEye is a sensor-based device that lets employers track employees, which Asure said allows companies to streamline operation, enhance productivity and analyze employee productivity.
Asure said it will combine OccupEye’s technology with its existing workplace management software and services and add additional sensor hardware and analytics.
“With the acquisition of OccupEye, Asure Software is now positioned to develop new innovations in the (Internet of Things) space, while offering our clients the technology solution they need to improve the employee experience and drive down costs,” said Pat Goepel, Asure CEO.
The Internet of Things is an industry term for extending internet connectivity beyond standard devices like desktop computers and smartphones to non-internet-enabled devices and everyday objects.
Asure Software’s products are used to help companies manage mobile workforces spread around the world.
Customers use Asure’s tools to track work hours as well as manage hoteling, which involves providing office space for mobile workers on an as-needed basis rather than a traditional reserved desk. Asure has more than 80,000 clients worldwide.
Asure said OccupEye will complement its existing products including its rooms scheduling software, Resource Scheduler, its space utilization tool, Smart View.
“Asure Software can now explore and develop our own technology that can monitor vital real estate data involving cooling systems, lighting, increased office efficiency and more,” said Joe Karbowski, Asure’s chief technology officer.
Last week, Asure announced it secured additional capital to continue its acquisition strategy. The company said it has amended its credit facility to increase term loans and amount of available financing to $175 million.
Asure last week also announced two more purchases, Wells Fargo Business Payroll Services’ Evolution HCM customer portfolio and Austin HR, a human resources services firm for outsourced payroll, employee benefits and other services.
In light of the OccupEye acquisition, Asure updated its financial guidance for fiscal 2018. The company said it now expects revenue of between $89 million and $92 million and earnings, excluding one-time expenses, of between $20 million and $23 million.
That’s up from previous guidance of revenue ranging from $85 million to $88 million and earnings, after one-time items, of $19 million to $22 million.