Canton, OH

Patriot Software, a provider of online accounting and payroll software, announces the further expansion of its current advertising campaign onto national television platforms beginning January 13, 2020.

Canton, OH

Patriot Software, LLC has released two highly-anticipated features for Basic Payroll and Full Service Payroll customers: multiple pay rates and time-off accruals.

Patriot’s new multiple pay rates feature allows payroll customers to easily enter up to five different pay rates, with descriptions, for each hourly employee. Hourly employees can see a breakdown of their pay rates on their stubs, and employers can view rates in the Current Pay Rates report.

CANTON, Ohio – July 25, 2019 –  Patriot Software Company, nationally known for cloud-based accounting and payroll software, announced the sale of its recruiting software subsidiary Top Echelon Network, LLC (Top Echelon) in a joint press release this week.  

Top Echelon, a leading provider of applicant tracking system (ATS) and split-placement network software, has been acquired by SageLink Capital, a leading investment firm focused on enterprise software and technology-enabled businesses.  Following the acquisition, the Company has been rebranded “Top Echelon Software, LLC.”

This transformational partnership combines Top Echelon’s storied 30+ years of deep industry focus and award-winning technology platform with the team at SageLink’s successful track record helping software companies grow. SageLink’s investment will provide resources to invest in growth, add-on acquisitions, and strengthen its technology offerings to position the company for market expansion and consolidation.

In conjunction with the Top Echelon transaction, Mike Robertson from SageLink Capital, Bo Ramsey from Pendyne Capital, and Mike Kappel from Patriot Software will join the Board of Directors.

“This partnership is the exciting next chapter of Top Echelon’s story,” said Mike Kappel, Top Echelon’s Founder and CEO of Patriot Software. “This acquisition is a testament to the quality of Top Echelon’s software, systems, and staff.  And it’s especially exciting to see another major software company being birthed in Canton, Ohio. Sagelink brings an extra layer of technical depth and financial strength to the table that ensures that Top Echelon will be able to help recruiters for a long, long time to come.”

This strategic divestiture bolsters Patriot Software’s balance sheet and positions the Company to become an investment “pure play.” According to Kappel, “The transaction enables Patriot to devote 100% of its energies on perfecting its accounting and payroll SaaS platform to further eliminate pain points that every American small business and their advisors experience.”

“Patriot has self-invested over 300 man-years into refining its accounting and payroll SaaS products,” said Mike Wheeler, Patriot’s President and Chief Legal Officer. “After a successful stock offering under Regulation D, Rule 506(c), Patriot Software is poised to consider a Series A investment as it now services ~24,000 American small business customers, maintains extremely high customer ratings, and is scaling quickly in the U.S. market.”

ABOUT PATRIOT SOFTWARE

Patriot Software, located in Canton Ohio, provides online accounting and payroll software for small businesses. For information on all of Patriot’s products servicing the United States, contact Patriot Software, LLC at 877-968-7147, or visit www.patriotsoftware.com.

ABOUT TOP ECHELON NETWORK

Top Echelon Network is a privately held provider of applicant tracking system (ATS), recruiting, and split placement network software. The Company’s products include automation and workflow management of the talent acquisition process (Big Biller) and Top Echelon Network, a SaaS offering that provides recruiters a network platform where they share candidate and job order information online to allowing one recruiter to provide the candidate for another recruiter’s job order. Top Echelon Network’s software helps its customers attract and retain talent, match workers’ skills to business needs and staffing clients’ objectives, and reduce the time and costs associated with processes.  Founded in 1988, Top Echelon has grown to serve more than 1,700 customers. The Company is headquartered in Canton, Ohio. For more information, visit www.topechelon.com.

ABOUT SAGELINK CAPITAL

SageLink Capital is a leading independent sponsor focused on investing in medium-sized, growing businesses.  SageLink has a keen interest in software, technology-enabled service, and business service companies in the U.S. and Canada.  The firm focuses on middle-market companies and provides a range of capital solutions including capital for buyouts, growth initiatives, and add-on acquisitions. SageLink’s investments are for the long-term and are focused on growth. The firm is headquartered in Denver, Colorado. For more information, visit www.sagelinkcapital.com.

 

Contact: Patriot Software, LLC
Michael Wheeler
mwheeler@patriotsoftware.com
877-968-7147

Canton, OH

Patriot Software, LLC has grown its customer base 100 months in a row (with a one-month exception in 2012), invoicing over 22,600 customer accounts as of March 2019.

Canton, OH

Patriot Software, LLC has released its own direct deposit option, Patriot Direct Deposit.

Since January 1, 2019, Patriot Software customers have paid ~$69.9 million in employee direct deposit.

Canton, OH

Patriot Software, LLC has added a third product, Accounting Premium, to its accounting software offerings.

Canton, Ohio

Stock Offering Closed

Patriot Software Company successfully closed its Friends & Family stock offering, culminating in a total capital raise of over $15 million since 2017. The Regulation D stock offering was permanently closed with the SEC effective as of January 31, 2019. Common stock was sold at $16.81/share which was based on the November 2017 valuation of $128 million. Patriot Software Company will no longer sell stock at that valuation.

Canton, Ohio

Patriot Software, LLC invoiced over 20,000 customers in January 2019. Patriot develops and sells online accounting and payroll software for small business owners across the U.S.

July 27, 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 engaged Stonehaven LLC and Slaine Capital Advisors, LLC to act as external agents as it continues to sell its $20 million offering of the Patriot Software common stock under Regulation D, Rule 506(c) via the Securities Act and Title II of the JOBS Act.  

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.