Asure Software (NASDAQ: ASUR) said it has completed its debt consolidation initiatives.
The company entered into the third amendment to the loan agreement with Deerpath Funding, LP. Under this amendment, the company borrowed an additional USD2.5m and obtained a commitment from Deerpath to lend Asure Software an additional USD1.5m on or before Dec. 31, 2013. Asure has used the net proceeds to pay two Legiant acquisition notes totaling USD1.7m, as well as two related party 15 percent notes totaling USD800,000. These loans were all due in October 2014.
Asure Software, headquartered in Austin, Texas, offers cloud-based time and labour management and workspace management solutions that enable businesses to control their biggest costs labour, real estate and technology and prepare for the workforce of the future in a highly mobile, geographically disparate and technically wired work environment. For more information, visit www.asuresoftware.com