Sylogist Acquires Strategic Assets
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CALGARY, Nov. 1, 2012 /CNW/ - Sylogist Ltd. (TSXV:SYZ), a provider of technology based IP solutions, is pleased to announce the acquisition of the assets of Calgary-based RMS Solutions Inc. a private, certified developer and integrator of leading-edge fuel management solutions. RMS' annual revenue of approximately $1 million, much of it recurring, comes from customers including a major grocery operation selling fuel across the country, a major western based gasoline distributor and a national railway. Sylogist acquired the RMS assets for $250,000 cash, less adjustments for deferred revenue, with additional payments due if historical revenues are exceeded.
With the ongoing changes to chip and pin credit card technology, the acquired assets have been certified with several major industry players providing a competitive advantage. Further, new compliance requirements for change in financial processing for the fuel distribution industry offer tremendous potential for growth in the acquired business. The market base for this technology is international and exceeds one million locations.
"Adding the RMS technology to our logistics software portfolio provides a natural growth platform for Sylogist. We now provide customized logistics solutions across Food, Equipment, Materials and Liquids management. Our logistics clients are global, with bases in North America, Europe, Asia and Australia" stated Jim Wilson, President and CEO of Sylogist.
Sylogist is a technology innovation and licensing company which, through strategic acquisitions, investments and operations management, provides intellectual property solutions to a wide range of public and private sector customers. The Company's stock is traded on the TSX Venture Exchange under the symbol "SYZ".
About the RMS Assets
The acquired assets include PCI chip and pin, PADSS and EMV certified fuel management software that can control all aspects of payment management at a fueling site, including large government agencies and Fortune 500 companies. These assets are offered as solutions for Value Added Resellers (VARS), Government revenue agencies, First Nation Bands, Retailers, Wholesale distributors, dealers, and end-users in Convenience Stores, Gas Bars, Marinas, Card locks, and Airports. Partners include major industry players such as pump manufacturers, along with global financial transaction processors.
- Neither the 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.For further information:
Jim Wilson, President and CEO