Asure Software, which sells workplace management software, has acquired a Florida-based company that specializes in human resources software.
Austin-based Asure said the purchase of Mangrove Employer Services of Tampa enables it to expand its offerings through one platform that brings workforce and workspace management together.
Asure paid $11.3 million in cash, financed through its credit line, and gave a $6 million promissory note to Richard Cangemi, Mangrove’s CEO, according to a regulatory filing.
Asure's products help companies manage mobile workforces spread around the world. That includes tools for managing hoteling, which is the practice of providing office space for mobile workers on as as-needed basis rather than a traditional reserved desk.
According to Asure, hoteling mobile workers allows companies to use 25 percent to 75 percent less real estate.
Mangrove's offerings are focuses on what's known as human capital management, including human resources and payroll applications that enable companies to recruit, manage, pay and analyze their workforce.
Asure said Mangrove launches the company into new and fast-growing market that targets total workforce management. The market is expanding as more companies undertake agile work initiatives, which encourage employees to adopt new more nimble and flexible ways of working.
"Our organization has a long history of bringing new and innovative technology to market," Asure CEO Pat Goepel said in a statement. "We believe business success today and in the future will be centered on human capital management effectiveness and efficiency of where, when and how people get work done."
Asure has about 150 employees worldwide, including about 100 in Austin. The company has more than 7,000 clients worldwide.
Shares of Asure were trading at $5.69, up 9 cents, or 1.61 percent, in mid-morning trading.