Sylogist acquires Weave Corp. - Expands into Ontario Municipal Market
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CALGARY AND TORONTO, Oct. 31, 2013 /CNW/ - Sylogist Ltd. (TSXV:SYZ) ("Sylogist") is pleased to announce the completion today of the acquisition of all the common shares of Weave Corp, a well-recognized Ontario based public sector software development and support organization. Weave's operations will be integrated under the Sylogist's public sector software business; Bellamy Software. Based on historical results, we expect the Weave acquisition to grow our annual revenue by approximately 15%. Weave was acquired for less than 2% of Sylogist's current market capitalization, half of which consideration is performance based.
"In Weave, we have acquired a profitable company built on a recurring revenue model. Weave has developed a proven suite of real-time asset management, preventative maintenance, mobile inspections and budgeting applications for the public sector based on their own business intelligence/analytics platform, for analyzing "big data". Weave software is run by over 40 municipalities and engineering companies in Ontario. Weave's products complement and integrate to Sylogist's public sector applications (Bellamy Software). With the addition of Weave Corp, we are able to provide the only complete integrated suite of public sector municipal applications in the Canadian marketplace supported by a single company. Software solutions are available through a software-as-a-service (SaaS) model or supplied as an in-house solution of the customer's choosing," stated Jim Wilson, CEO of Sylogist Ltd.
"This strategic acquisition provides strong cross selling opportunities to existing customers and market expansion potential for new customers seeking a single source SaaS or in-house public sector solution. We are also encouraged by the potential application of the Weave business intelligence and analytics platform to our private sector customers within our Epic Data division. We welcome the Weave staff at their Toronto area office."
Sylogist is a technology innovation company which, through strategic acquisitions, investments and operations management, provides enterprise application software to public and private sector customers.
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.
In this document and in other documents filed with Canadian regulatory authorities or in other communications, Sylogist may from time to time make written or oral forward-looking statements within the meaning of applicable securities legislation, including statements regarding Sylogist's business plans and financial objectives. These statements typically use words such as prospects, believe, estimate, forecast, project, expect, 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 forecasts, projections and other forward-looking statements 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. Sylogistcautions readers against placing undue reliance on forward-looking statements when making decisions, as the actual results could differ considerably from the opinions, plans, objectives, expectations, forecasts, estimates and intentions expressed in such forward-looking statements due to various material factors. Among other things, these factors include fiscal and economic policies, changes in interest and foreign exchange rates, and general economic conditions, legislative and regulatory developments, competition and access to capital. Sylogist further cautions that the foregoing list of factors is not exhaustive. For more information on the risks, uncertainties and assumptions that would cause Sylogist'ss actual results to differ from current expectations, please also refer to Sylogist's public filings available at www.sedar.com. Sylogist does not undertake to update any forward-looking statements, whether oral or written, made by itself or on its behalf, except to the extent required by securities regulations.
- 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