Sylogist Provides Update on Accelerating Sales Traction
Recent Wins Add $5.9 Million of Contracted Revenue.
Calgary, Alberta--(Newsfile Corp. - November 30, 2021) - Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), a leading public sector SaaS company, is pleased to announce several representative new customer wins:
$3 million award, including $460 thousand in subscription revenue, over an initial two-year term and $230 thousand in subscription annual recurring revenue (ARR) thereafter, with a leading global health non-profit
$180 thousand of subscription ARR with a US-based Regional Planning Authority
Mission CRM (recent acquisition):
$500 thousand award with a major Canadian healthcare non-profit
InfoStrat SAVIN Victim Notification:
$2.1 million of services and subscription ARR tied to three US state awards
"As anticipated, we are seeing concrete evidence of organic growth in several lines of business," commented Bill Wood, Chief Executive Officer. "We made strategic investments in FY2021 to position the company for growth, including materially investing in our sales & marketing and account management activities across the business. As a result, in addition to several material new SaaS bookings we've secured, we expect to see the pace of growth accelerate over the coming months, reaching the high single digits in FY2022, while maintaining solid profitability and a Rule of 40 posture, if not better."
Sylogist is a public sector SaaS company that provides comprehensive ERP, CRM, fundraising, education administration, and payments solutions that allow its customers to carry out their missions. It serves over 1,700 customers globally, including all levels of government, non-profit and non-governmental organizations, educational institutions, and public compliance-driven and funded companies. The Company has industry-leading profitability, an exceptionally strong balance sheet, a track record of successful acquisitions, and a portfolio of mission-critical SaaS solutions. Full financial statements together with Management's Discussion and Analysis are available on SEDAR at www.sedar.com.
The Company's stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist can be found at www.sylogist.com.
Certain statements in this news release may be forward-looking statements within the meaning of applicable securities laws and regulations. These statements typically use words such as expect, believe, estimate, project, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. Forward-looking information in this news release includes statements with respect to the future value of booked contracts, investments in sales and marketing capabilities, the expectation of growth accelerating and reaching high single digits in FY2022, and Sylogist maintaining solid profitability and a Rule of 40 posture. 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 beliefs and plans and other forward-looking expectations expressed herein 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. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information, including headwinds from COVID-19 and economic turmoil, competitive threats to innovation or Sylogist's inability to invest and add expertise, and market uptake of Sylogist products. Additional information regarding some of these risks, uncertainties and other factors may be found in the Company's Annual Information Form for the fiscal period ended September 30, 2020, and in the management's discussion and analysis for the three months ended June 30, 2021, and other documents available on the Company's profile at www.sedar.com. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information include Sylogist's ability to attract and retain customers and to realize on its investments. Although Sylogist believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. Sylogist disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
Certain information set out herein may be considered as "financial outlook" within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
Non-GAAP Financial Measures
This news release makes reference to certain non-GAAP measures. These measures are not recognized measures under Canadian GAAP, do not have a standardized meaning prescribed by Canadian GAAP and are therefore may not be comparable to similar measures presented by other issuers. These measures are provided as additional information to complement measures under GAAP by providing further understanding of the Company's expected results of operations from management's perspective. Accordingly, such measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under Canadian GAAP.
Contracted revenue is provided to investors as an alternative method for assessing the Company's operating results in a manner that is focused on the Company's ongoing operations and to provide a more consistent basis for comparison between periods. This measure should not be construed as an alternative to revenue determined in accordance with GAAP as an indicator of the Company's performance. For further information regarding non-GAAP measures used by the Company, please refer to the management's discussion and analysis of the Company and the Annual Information Form, copies of which are available on Sylogist's SEDAR profile at www.sedar.com.
For further investor information, please contact:
Rudy Shirra, Manager, Corporate Development & Investor Relations