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EDMONTON and CALGARY, Oct. 17 /CNW/ - Sylogist Ltd. ("SYZ" - TSX Venture
Exchange) today announced it has acquired privately held Calgary based
MasterWorks Software Systems Ltd. MasterWorks financial, accounting and human
resource school administration software is installed and supported in over
70 school customers. The acquisition closed on October 15.
"This acquisition is a strong fit for Sylogist and complements our
growing presence in School Boards," said Werner Biegler, Sylogist President
and CEO. "MasterWorks brings us a team of employees with deep school
administration process knowledge and a strong customer base."
"We believe that this combination represents a great opportunity for
MasterWorks," said James McPherson, President, MasterWorks Software Systems.
"Strategically, this is a great next step for our company and allows us to
leverage Sylogist to the benefit of our customers."
Earlier in October, Sylogist acquired the assets and customers of Reflex
Government Software from Harrison Muirhead Systems Inc. of Edmonton, further
increasing Sylogist's leadership in the Alberta municipal market.
The acquisition of MasterWorks and Reflex increases Sylogist's public
sector base to a total of over 160 municipal, school and school board
Consideration for both the Masterworks and Reflex transactions was
approximately $0.5 Million, by way of cash and assumed liabilities.
Sylogist provides enterprise information management and collaboration
solutions to local government, education and private sector customers.
Solutions are deployed through client, web-based and mobile systems. Sylogist
Local Government Solutions provide an integrated suite of business
applications to municipalities that serve their needs for revenue, finance and
operations management capabilities. Sylogist Education Solutions provides
financial, student information and collaborative web-site management systems
for the K-12 market. Our industry leading collaborative web solutions enhance
teacher, parent and student on-line collaboration driving improved student
The Company's stock is traded on the TSX Venture Exchange under the
symbol SYZ. Information about Sylogist can be found at
Forward-looking statements: This press release contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
Sylogist's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management.
Although Sylogist believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should not be placed
on them because Sylogist can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. The forward-looking statements contained in this press release
are made as of the date hereof and Sylogist undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.
- The TSX-Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release -
For further information:
For further information: contact: Werner Biegler, President and CEO,
Sylogist Ltd., (780) 489-5756