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(Nasdaq: ASUR) Initial Report $22.90 PT

Initial Report "Strong BUY" $22.90 PT

Asure Software, Inc. (“Asure”, “ASUR”, or the “Company”) is an Austin, Texas and Warwick, Rhode Island, based provider of cloud based workplace optimization software. The Company has two main product lines: Its workforce management solution and its
workplace management solution. The Company’s current executive management team joined the Company in 2009, and immediately began to slash nonperforming business lines and excess costs with an eye toward moving the business toward a software-as-aservice (SaaS) business model and increasing the Company’s recurring revenue streams.

ASUR recently returned to profitability, earning $0.02 per share and achieving $2.0 million in free cash flow over the 12 months ended September 2011. The Company has recently completed two acquisitions which are expected to drive future growth in
revenue, free cash flow, and EPS. We are projecting FY12 revenue, free cash flow, and EPS of $18.7 million, $3.4 million, and $0.54, respectively. Based on our FY11 revenue projection of $10.9 million, this represents YoY revenue growth of 71%