Sylogist Acquires Innovative Time Tracking & Scheduling SaaS Solution for its Gov, Ed and Mission Platforms

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.