Assure Software (ASUR – Free Report) announced that it was selected for Amazons‘s (AMZN – Free Report) Amazon Web Services (“AWS”) Application Modernization Lab.
Through this exclusive partnership, Asure Software is directly collaborating with AWS in developing a specialized framework to enhance its Human Capital Management (HCM) software as a service solution. By leveraging cloud optimization and artificial intelligence (AI), ASUR aims to deliver improved agility and faster time-to-market for its offerings.
Through its participation in the AWS Application Modernization Lab, Asure Software aims to create a robust framework that fosters innovation in cloud-based development. This framework emphasizes operational excellence, security, performance efficiency and cost optimization.
ASUR is utilizing this framework to accelerate its modernization initiatives, enabling customers to benefit from a cloud-optimized environment that harnesses cutting-edge technologies, such as robotics and AI. This approach also addresses challenges related to Windows dependencies and expensive licensing costs, ensuring greater efficiency for customers.
The partnership with AWS allows Asure Software to expedite its modernization efforts by updating legacy platforms and rearchitecting its systems. This collaboration optimizes its cloud environment and provides the company the ability to respond more quickly to HCM market demands and changes which is expected to boost its top-line growth in the near term
The Zacks Consensus Estimate for Asure Software’s second-quarter 2023 earnings is pegged at a profit of 1 cent per share, indicating year-over-year growth of 125%. The Zacks Consensus Estimate for revenues is pegged at $25.36 million, indicating year-over-year growth of 24.91%.
Shares of this Zacks Rank #2 (Buy) company have gained 12.4% year to date compared with the Zacks Computer and Technology Computer and Technology sector’s rise of 11.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Growing HCM Market to Aid ASUR’s Top Line
Asure Software provides cloud-based HCM software solutions that help organizations of all sizes to simplify its HCM processes. ASUR’s suite of HCM solutions includes HR, payroll, time and attendance, administration and talent management.
Cision’s recent market research report indicates that the HCM solutions market is projected to expand by $11,195.8 million between 2022 and 2027, with a compound annual growth rate of 8.45%. The report emphasizes the identification of key industry influencers and provides a comprehensive analysis by synthesizing and summarizing data from various sources.
Some of the main vendors of the HCM market include Automatic Data Processing (ADP – Free Report) , Cognizant Technology Solutions (CTSH – Free Report) and Asure Software.
Automatic Data Processing is a leading global provider of comprehensive cloud-based solutions for HCM. Its offerings encompass various areas, such as HR, payroll, talent management, time tracking, tax and benefits administration. Additionally, ADP is recognized as a leader in business outsourcing services, analytics and compliance expertise.
Cognizant offers transformative solutions that enable smarter decision-making, superior outcomes, improved performance, increased productivity and the successful implementation of growth initiatives. In order to adapt to evolving markets and seize new opportunities, organizations in every industry need to embrace agile and efficient processes.