Asure Software (NASDAQ:ASUR), a global provider of time & labor and workspace management software solutions, announced today that it has acquired Mangrove Employer Services, Inc. Based in Tampa, Florida, Mangrove is a leading Cloud SaaS vendor in Human Capital Management (HCM) applications. The company develops, and implements HR, Payroll, Benefits, and Talent Management software solutions. Mangrove’s HCM suite of solutions is easy-to-use, with fully integrated HR/payroll applications uniquely designed to help companies recruit, manage, pay, and analyze their workforce more effectively.
The acquisition enables Asure Software to alter the marketplace of Human Capital Management by offering a comprehensive solution that brings workforce and workspace management together. These two workflows combined in one unified management platform increases company bottom-line performance through greater employee empowerment and engagement. It also gives companies new data metrics to manage their two most costly assets: their people and real estate.
It launches Asure into a new and much larger market where the rise of total workforce management and agile work environment initiatives are taking center stage for company leaders. The HCM market has a market cap in the billions and growing at a 9%+ CAGR with 22% of the market actively looking for new functionality. The way people work today has changed. A large portion of HCM applications today lack the comprehensive features and actionable data leaders need to manage their changing workforce.
“Our organization has a long history and strong track record of bringing new and innovative technology to market,” said Asure Chief Executive Officer Pat Goepel. “The Mangrove acquisition marks the culmination of a five-year technology strategy to bring a unified, people-centric platform to the HCM market. We believe business success today and in the future will be centered on HCM effectiveness and efficiency of where, when, and how people get work done.”
Mangrove Chief Executive Officer and co-founder Rich Cangemi said, “The new platform expands the ability for businesses to manage more interconnected tasks than traditional HCM solutions, creating greater business continuity and increasing employee attraction, engagement, and retention. These combined solutions will give organizational leaders a powerful new lens and the data necessary to see and effectively understand their business. I am very excited that our comprehensive technology will be a part of this new HCM workforce and workspace platform. The trend and desire for managers to optimize the complete lifecycle of their workforce made this the right time to come together with Asure Software.”
By combining Mangrove’s HCM solutions with Asure’s time & labor and workspace solutions, Asure completes their vision of creating the People Success Platform. The new People Success Platform is:
* INNOVATIVE. The People Success Platform is a cloud-based system designed for the mobile and flexible workforce. The platform provides a suite of workforce and workspace solutions that is fluid and convenient to use for both the employee and employer.
* COMPREHENSIVE. The system is an all-encompassing tool providing businesses with solutions for payroll and tax, benefits, administration, human resources, talent management, ACA healthcare reform and agile flexible workspace software.
* POWERFUL. The platform empowers businesses with measurable insight on the productivity of their employees, encouraging collaboration, contribution and improved connection. This system is the only technology in the world that is designed for the success of mobile employees.
Mr. Goepel said, “The way people work today has changed and shifted the landscape of the HCM marketplace. The macro trends of globalization, mobilization, and technology developments have continued to increase the pressure for companies to manage their business differently. Providing flexible work environments for employees has changed how a company needs to capture HCM data and has redefined the workstations needed to support those mobile employees. As a result, we feel company leaders are looking for new metrics to manage the entire workforce and workplace experience. We are excited to have a solution that enables corporations to respond in a meaningful way towards those growing market challenges. Asure’s People Success Platform provides corporations a bridge from the rapidly changing employee impact on today’s workplace to future on-going corporate success.”