Asure Software Buys Mangrove Employer Services

Austin-based Asure Software has acquired Mangrove Employer Services, a Florida-based software-as-a-service developer of human capital management (HCM) software. Asure Software said it paid $11.348M in cash for Mangrove. Mangrove's software is used for human resources, payroll, benefits, and talent management. Funding for the deal came via a credit agreement from Wells Fargo, which Asure Software said in a filing has a 3.5 percent annual interest rate.