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DISSEMINATION IN THE UNITED
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CALGARY, April 22, 2020 /CNW/ - Sylogist Ltd.
(TSXV:SYZ) ("Sylogist" or the "Company") is pleased to announce
the acquisition of Information Strategies, Inc. ("InfoStrat") for
cash consideration of $3.5M(CDN),
subject to working capital adjustments. The transaction closed on
April 21, 2020.
InfoStrat, based in Washington
DC, is a long established, profitable business catering to
federal and state government and not-for-profit/NGO organizations
throughout the United States. InfoStrat, a Microsoft Gold
partner, provides software solutions and professional services
based on its proprietary intellectual property that uses Microsoft
Dynamics 365 CRM and Sharepoint at its core. InfoStrat is highly
regarded for its enterprise level case management, grantor money
management and justice solutions. Over the years, InfoStrat
has developed a deep marketing relationship with Microsoft that
will be broadened as part of the Sylogist organization. In
2019, InfoStrat generated $5.5M(CDN)
in revenue and is on track to grow in fiscal 2020.
InfoStrat is an excellent fit with Sylogist's public sector and
not-for-profit/NGO customer base and technology platform.
Both businesses use Microsoft Dynamics 365 at the foundational
level, delivering complementary solutions, often to the same
customer target market. The combination of the two
businesses under the Sylogist operating model provides ample
opportunity for growth and value creation.
We are pleased to welcome Jim
Townsend, CEO of InfoStrat, and his experienced team to
Sylogist. InfoStrat will be integrated into the Sylogist
operations with a goal to market, implement and support our ERP and
CRM based solutions for public sector and not-for-profit customers
in the United States and
Canada.
About Sylogist
Sylogist is a software company that, through strategic
acquisitions, investments and operations management, provides
comprehensive, mission-critical ERP solutions, including fund
accounting, grant management and payroll, to public service
organizations. Sylogist's public service customers include
local governments, non-profit organizations, non-governmental
organizations, educational institutions and government agencies, as
well as public compliance driven and funded entities. Our Company
delivers highly scalable, multi-language, multi-currency software
solutions, which serve the needs of an international clientele.
Full financial statements together with Management's Discussion
and Analysis are available on SEDAR at www.sedar.com.
The Company's stock is traded on the TSX Venture Exchange under
the symbol SYZ. Information about Sylogist can be found at
http://www.sylogist.com.
Forward-looking Statements
Certain statements in this news release may be
forward-looking statements within the meaning of applicable
securities laws and regulations. These statements typically
use words such as expect, believe, estimate, project, anticipate,
plan, may, should, could and would, or the negative of these terms,
variations thereof or similar terminology. Forward-looking
information in this news release includes statements with respect
to InfoStrat's revenue being on track to grow in fiscal 2020
and the combination of the businesses of Sylogist and
InfoStrat, under the Sylogist operating model, providing ample
opportunity for growth and value creation. By
their very nature, forward-looking statements are based on
assumptions and involve inherent risks and uncertainties, both
general and specific in nature. It is therefore possible that the
beliefs and plans and other forward-looking expectations expressed
herein will not be achieved or will prove inaccurate.
Although Sylogist believes that the expectations
reflected in these forward-looking statements are reasonable, it
provides no assurance that these expectations will prove to have
been correct. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events,
results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Additional information regarding some of these risks,
uncertainties and other factors may be found under in the
management's discussion and analysis for the year ended
September 30, 2019, and other
documents available on the Company's profile at
www.sedar.com. Material assumptions and factors that could
cause actual results to differ materially from such forward-looking
information include Sylogist's inability to integrate
InfoStrat into its operating model and to grow the business.
Although Sylogist believes that the material assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur.
Sylogist disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Certain information set out herein may be considered as
"financial outlook" within the meaning of applicable securities
laws. The purpose of this financial outlook is to provide readers
with disclosure regarding Sylogist's reasonable expectations as to
the anticipated results of its proposed business activities for the
periods indicated. Readers are cautioned that the financial outlook
may not be appropriate for other purposes.
- Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release-
SOURCE Sylogist Ltd.