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Silver Oak Services Partners Completes Sale Of iSystemsEVANSTON, Ill., May 31, 2017 /PRNewswire/ -- Silver Oak Services Partners, LLC ("Silver Oak"), a leading lower-middle market private equity firm focused exclusively on business, healthcare and consumer services companies, announced that it has completed the sale of iSystems Intermediate HoldCo, LLC ("iSystems" or the "Company") to Asure Software (NASDAQ: ASUR) ("Asure"), a leading provider of Human Capital Management (HCM) and Digital Workplace software. Asure, headquartered in Austin, Texas, offers intuitive and innovative technologies that enable companies of all sizes and complexities to operate more efficiently. Asure services over 7,500 clients with its suite of solutions, ranging from HCM workforce management solutions and time and attendance, to workspace asset optimization and meeting room management solutions. "We are continuing to compete in a much larger market. With the acquisition of iSystems, our strategy of partnering with the customer base of service bureau organizations and helping them grow continues," said Asure Software CEO Pat Goepel. "By scaling with Asure we will be able to offer the iSystems client base an exceptional experience, with an innovative approach to human capital management. We see this acquisition accretive to our overall P&L." Silver Oak made its original investment in iSystems in May 2014. During Silver Oak's ownership, iSystems completed 2 acquisitions, professionalized the management and reporting processes, upgraded the sales and marketing talent, grew both its licensee and end user base, and launched several new payroll, tax and HR management software products and upgrades. "We are extremely excited to align iSystems and the Evolution product suite and platform tools with the Asure family of innovative workplace and HCM solutions," stated Dan Gill, Chairman of the Board for iSystems, LLC. "The combination of our two companies will provide substantial benefits to the Evolution licensee base and create a stronger competitor in the HCM spce. We are excited to become a major shareholder of Asure Software." The acquisition of iSystems supports Asure's strategy for continued growth in HCM and Workplace management. Together both companies will meet growing client demands and change the dynamic of how people are managed not only today, but into the future. The aggregate consideration transaction was $55 million, which includes $32 million in cash, $18 million of Asure Software unregistered common stock, and a $5 million seller note. In connection with the consummation of the acquisition of iSystems, Asure has agreed to appoint Dan Gill, Founder and Co-Managing Director of Silver Oak Services Partners and the majority owner of iSystems, to the Asure board of directors, effective June 6, 2017. Kirkland & Ellis LLP acted as legal counsel to the sellers. About Silver Oak Services Partners About iSystems About Asure Contact: Chris Tofalli
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/silver-oak-services-partners-completes-sale-of-isystems-300466306.html SOURCE Silver Oak Services Partners, LLC |