May 1, 2018 – CANTON, Ohio – Patriot Software Company, a corporation comprised of six service offerings that generate recurring revenue, five of which are Software as a Service (“SaaS”) solutions, announced that it has opened an investment round of the sale of up to twenty million dollars ($20,000,000.00) of common stock in addition to private subordinated lending to fuel its continued growth and expansion. Investment in Patriot Software will be offered and sold solely to accredited investors.
In making the announcement, Patriot Software Founder and CEO Michael Kappel said, “Our track record speaks for itself. We have grown our customer base 89 months in a row and have invoiced over 15,000 customer accounts in May 2018. Our 2-year Compound Annual Growth Rate (CAGR) in revenue is 183%. Best of all, our cloud-based SaaS model has allowed us to accomplish this growth by attracting small businesses with 1 to 100 employees without employing a salesforce.”
According to Kappel, “just as Amazon.com, Inc. disrupted the retail industry, Patriot Software’s payroll services are disrupting the traditional payroll industry. We invested over $48 million and dedicated 293 man-years to make our SaaS payroll engine fast, efficient, and accurate. Since our inception, we have raised over $8 million and now, to keep disrupting the accounting and payroll industries, we are seeking to raise the capital necessary to fuel our explosive growth.”
Patriot Software’s Chief Legal Officer, Michael A. Wheeler, Esq., detailed that “Patriot explored various financing opportunities, including a limited initial public offering of securities on Nasdaq under Regulation A+ of the JOBS Act, but decided that remaining private would allow the company to focus on its long-term growth strategy rather than on short-term results without incurring the costs associated with being a public company. Patriot Software then launched an equity private placement offering under Rule 506(b) with certain institutional and accredited investors of its common stock which completed in November 2017. In the private placement, Patriot Software sold over $8 million of common stock, led by an Ohio-based institutional investor, at a conversion price of $16.81 per share.”
This offering will raise additional growth capital for Patriot Software to increase marketing, development, and further expansion in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended and Rule 506(c) of Regulation D under the Securities Act and Title II of the JOBS Act.
To find out how to invest in Patriot Software Company, please visit our website: https://www.patriotsoftware.com/about/
About Patriot Software:
Patriot Software Company, a privately-held business in Canton, Ohio, has grown since 1986 to provide an array of SaaS cloud-based business software and service offerings.
Its flagship, Patriot Software, LLC, provides fast, simple, and affordable accounting, payroll, and time and attendance SaaS solutions for American small businesses with 1-100 employees. Patriot’s fully integrated software solution is disrupting the market with the best ROI and now has over 15,000 small business customers in 50 states and Washington, D.C. Patriot offers a low-cost alternative to traditional players in the payroll, accounting, and time and attendance verticals with no hidden fees, no long-term contracts, and no sales staff. Patriot’s responsive design allows users to access the suite of services via smartphone or tablet. The company’s success is evidenced by hundreds of 5-star user ratings and 89 consecutive months of growth with a two-year compound annual growth rate in revenue of 183%. To date, Patriot has invested over $48 million and 293 man-years into the design and development of a proprietary payroll SaaS that is fast, efficient, and accurate. In addition to the complexity of developing Patriot’s cloud-based payroll engine, Patriot’s internal payroll tax filing service guarantees accurate handling of federal, state, and local taxes in thousands of jurisdictions in all 50 states.
Patriot’s first venture, Top Echelon, LLC, began in the basement of a factory in 1986 and grew to become an established leader in the recruiting industry. Top Echelon’s product offerings include two SaaS solutions: the Top Echelon split placement network and the Big Biller applicant tracking software for executive recruiters. In addition, Foxhire is an employer of record service that has helped executive recruiters place over 15,000 W-2 contract employees in 49 states. Top Echelon also offers job board engines designed to promote high-end positions on national-level job board websites.
Contact:
Michael A. Wheeler, Esq.
Chief Legal Officer, (234) 360-0212
mwheeler@patriotsoftware.com