Mr. Bill Wood reports

SYLOGIST CONTINUES ACCELERATION WITH 21% ORGANIC GROWTH AND RECORD QUARTERLY REVENUE, RELEASES QUARTERLY FINANCIAL RESULTS

Sylogist Ltd. has released its unaudited financial results for the three-month period ended on March 31, 2023.

"Momentum is continuing, with our team delivering an exceptionally strong performance again in Q1, posting record quarterly revenue of $15.9-million, including 21-per-cent organic growth and strong bookings," commented Bill Wood, chief executive officer. "We closed $7.7-million in bookings this quarter, reflecting accelerating strength in demand for our solutions from new logos and customer cross-sells alike, achieved by our platform versus products strategy. We are also pleased with the 6-per-cent quarter-over-quarter increase in revenue per employee we saw, indicating increased utilization and delivery efficacy amongst our project services team. The traction we have seen over the last six months gives us confidence that our profitable growth playbook is working and that we are executing as planned."

As announced previously, Sylogist will host a conference call at 9 a.m. ET today, May 11, to discuss the company's financial results. Interested parties are invited to join the call at 800-319-4610 (Canada/United States toll-free) or 416-915-3239. A recording of the conference call will be available on the company's website afterward.

Sylogist's board of directors has also declared a dividend of one cent per share on Sylogist's common shares to shareholders of record on May 31 (ex dividend May 30, 2023) payable on June 14, 2023.

All dividends paid by Sylogist to holders of common shares in the capital of the company will be treated as eligible dividends pursuant to the Income Tax Act (Canada).

Other financial highlights:

• 17-per-cent constant currency organic revenue growth;
• $7.7-million in new bookings;
• Negative impact to Q1 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) per share due to specific non-recurring expenses was two cents.

About Sylogist Ltd.

Sylogist provides mission-critical SaaS (software-as-a-service) solutions to over 2,000 public sector customers globally across the government, non-profit and education verticals. Information about Sylogist, inclusive of full financial statements together with management's discussion and analysis, can be found at the company's website.

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