Mr. Bill Wood reports

SYLOGIST ACQUIRES INNOVATIVE TIME TRACKING & SCHEDULING SAAS SOLUTION FOR ITS GOV, ED AND MISSION PLATFORMS

Sylogist Ltd. has acquired Time Clock Now, a comprehensive 100-per-cent software-as-a-service solution for streamlining time tracking and scheduling.

Sylogist acquired the asset from Action Micro Technologies (AMGroup) for total consideration of $1.65-million (U.S.). 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 chief executive officer. "We seized a buy versus 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-per-cent-cloud-based Sylogist government, education, mission and payroll platforms represents the achievement of a targeted milestone on the company's technology road map 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 Ltd.

Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, non-profit and education verticals. The company's stock is traded on the Toronto Stock Exchange under the symbol SYZ.

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