Globe & Mail 11:20 AM EDT, 03/18/2021 (MT Newswires) -- Sylogist Ltd. (SYZ.V) up nearly 7% late morning, has acquired Municipal Accounting Systems, Inc. (MAS), an Oklahoma-based provider of student information management and accounting solutions to K-12 public school districts.
Sylogist, through its subsidiary Sylogist USA acquired MAS for $37.8 million cash, subject to working capital adjustments. Half of the purchase price was paid from cash on hand and the remainder drawn under its existing credit facility.
"MAS has operated very profitably and we expect it to be immediately accretive for Sylogist, growing both our top line revenue and adjusted EBITDA run rates by approximately 20%," the company said in a statement.
Concurrently, Sylogist has entered into a binding term sheet with its existing lender to expand its current credit facility from $40 million to $75 million, on substantially the same terms as its existing credit facility.
Price: 14.80, Change: +0.95, Percent Change: +6.86