CALGARY, Alberta, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Sylogist Ltd. (TSX: SYZ) (“Sylogist” or the “Company”), is pleased to announce that it has acquired Time Clock Now (“Time Clock Now” or “Asset”), a comprehensive 100% SaaS solution for streamlining time tracking and scheduling.
Sylogist acquired the Asset from Action Micro Technologies (“AMGroup”) for total consideration of $1.65 million (USD). The purchase price includes technical and transitional services from AMGroup through the end of 2024.
“Time Clock Now is purpose-built to seamlessly integrate and complement Microsoft Business Central’s capabilities,” said Bill Wood, Sylogist’s President, and CEO. “We seized a buy vs. build opportunity to respond to increasing requests from both customers and new opportunities alike. The solution offers innovative capabilities for employee / teacher time tracking and scheduling within the Sylogist platform ecosystem. We expect that the acquisition will contribute modest ARR and be EBITDA neutral in 2024 and become EBITDA accretive with ARR acceleration in 2025 with increasing customer and new logo adoption.”
The addition of Time Clock Now’s capabilities into Sylogist’s 100% cloud based Sylogist Gov, Ed, Mission and Payroll platforms represents the achievement of a targeted milestone on the Company’s technology roadmap in an expedited manner and the expansion of its addressable market. Over the next 24 months, the exciting new offering is expected to see strong adoption from Sylogist customers as well as the Microsoft Business Central and Dynamics GP user communities via download from AppSource.
About Sylogist
Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals. The Company's stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sylogist.com.
About Action Micro Technologies
Action Micro Technologies is a full-service software consultation company, providing the word’s most powerful business management solutions to small and medium-sized businesses. The company offers expertise in Microsoft Dynamics 365 Business Central, Microsoft Dynamics GP and custom application development. More information about the company can be found at www.actiongrp.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 will, expect, believe, estimate, project, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. 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. Forward-looking statements in this news release include statements regarding the integration of Time Clock Now into Sylogist’s platforms, its effectiveness, adoption and availability to Sylogist’s customers and the impact of the foregoing on financial results for Sylogist. 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. Forward-looking information in this news release includes statements with respect to innovation and the growth and profitability of Sylogist. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information include Sylogist’s ability to attract and retain customers and to realize on its investments. 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.
Non-IFRS Financial Measures
This new release includes reference to certain measures which are not prepared in accordance with International Financial Reporting Standards (“IFRS”), namely “EBITDA” and “ARR”. These terms are not measures that have any standardized meaning prescribed by IFRS and are considered non-IFRS measures. While these measures may not be comparable to similar measures presented by other issuers, these measures have been described and presented in this news release to provide shareholders and potential investors with additional information regarding the Company’s expected results arising from the acquisition of Time Clock Now. When assessing the Company’s operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for net profit, cash flow from operating activities or other cash flow data calculated in accordance with IFRS. In addition, the Company’s calculation of these non-IFRS measures may not be comparable to similarly titled measures utilized by other companies since other companies may not calculate non-IFRS measures in the same manner.
EBITDA is defined as: earnings before interest, taxes, depreciation, and amortization, and is an alternative measure of the Company's overall financial performance. ARR is defined as: annualized value of monthly recurring revenues attributable to customer contracts. For further information regarding non-IFRS measures used by the Company, please refer to the management’s discussion and analysis of the Company, copies of which are available on Sylogist's SEDAR+ profile at www.sedarplus.ca.
For further information contact:
Sujeet Kini, Chief Financial Officer
Sylogist Ltd.
Jennifer Smith, Investor Relations
LodeRock Advisors
(416) 491-8004
ir@sylogist.com
