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Silver Oak Services Partners Completes Sale Of iSystems
[May 31, 2017]

Silver Oak Services Partners Completes Sale Of iSystems


EVANSTON, 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
Founded in 2005, Silver Oak Services Partners is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, healthcare and consumer services companies.  Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities.  The team brings extensive services industry expertise and relationships to the firm's investments and works closely with our management teams to drive long-term value creation.  Silver Oak's principals have a long history of services private equity investing and have demonstrated an ability to navigate through varying economic and market conditions.  Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue.  For more information, visit www.silveroaksp.com.

About iSystems
iSystems is the company behind Evolution, which provides accuracy, productivity, and financial control within one single-source, end-to-end HCM solution. iSystems values and understands the importance of innovation and perseverance to provide its service provider clients with a secure, scalable and reliable technology. The company maintains a high level of product and technical support, provides ongoing training programs, offers marketing and sales support, and ensures a high level of commitment to the research and development of new products and services. The Evolution HCM software was recognized by CIO Review in 2016 and its independent board of advisors as one of the 20 Most Promising HR Technology Solution Providers in the country.

About Asure
Asure, headquartered in Austin, Texas, offers intuitive and innovative technologies that enable companies of all sizes and complexities to operate more efficiently, building companies of the future. Their cloud platform has helped more than 7,500 clients worldwide to better manage their people and space for a mobile, digital, multi-generational, and global organization. Asure's suite of solutions ranges from HCM workforce management solutions and time and attendance, to workspace asset optimization and meeting room management solutions. For more information, please visit www.asuresoftware.com.

Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

 

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


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