Friday, June 7, 2013

Asure Software Sues Over PeopleCube Purchase

Buyer's remorse? Austin software developer Asure Software has sued the prior owners of PeopleCube, the company that it acquired last July, after what it described as "matters" it discovered after closing. In a regulatory filing, Asure Software said it has a lawsuit pending in the federal courts in Austin, after seeking a purchase price adjustment from sellers PeopleCube Holding B.V. and Meeting Maker Holding B.V. Apparently, the two parties are now fighting in court over whether or not Asure Software waived its rights to obtain a purchase price reduction. Asure said it paid $9.8M in cash, plus a $3M two year seller's note, plus issued 255,000 shares of its common stock for PeopleCube in the deal in 2012.