Sylogist Announces New President & CEO
CALGARY, AB, Nov. 9, 2020 /CNW/ - The Board of Directors of Sylogist Ltd. (TSXV: SYZ) ("Sylogist" or the "Company"), is pleased to announce the appointment of veteran technology leader Bill Wood as President & CEO. Mr. Wood has also been appointed to the Company's Board. He will take up his post immediately, succeeding recently retired President & CEO Jim Wilson.
Bill has led a number of technology companies, with over 25 years' experience in Sylogist's core verticals of Not-For-Profit and Municipal enterprises. Bill started his career as a founding member of Blackbaud Inc. In increasingly senior management roles in sales, marketing and ultimately as chief executive in a number of companies, Bill's career highlights include successes in building sales teams & marketing strategies, launching a SaaS charitable giving platform and leading a company's strategic transition from a niche, license-based provider to a SaaS market leader. Additionally, Bill is seasoned in strategic acquisitions, having managed a business alignment that incorporated seven entities. He most recently was President and Chief Executive Officer of private equity-backed FrontStream, a leading, SaaS provider in the NFP, payments, employee giving and corporate social responsibility sectors. Throughout his career, Bill has demonstrated the ability to create significant value through both organic and inorganic initiatives.
Mr. Wood was selected by a committee of independent directors of Sylogist, following an extensive international process, which presented a strong field of candidates. "We are fortunate to have attracted someone of Bill's caliber and experience to lead Sylogist" commented Barry Foster, Sylogist's Chair and Interim CEO. "His career background in software and familiarity with our business segments will help us continue to evolve our strategy as we begin our next chapter. Starting with a strong balance sheet, significant recurring revenue and industry-leading margins, the Board has challenged Bill to focus the Company's extensive resources on both organic investments in its own IP portfolio and on strategic acquisitions to leverage its IP platform and market position.
Incoming President & CEO Bill Wood added: "I feel my career background has positioned me well to lead the Sylogist team. My skills, experience, passion and the Board's shared vision are very much aligned. I look forward to getting started and to sharing the Company's focus and refined strategic direction with the market in the near future."
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, nonprofit 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 TSX Exchange under the symbol SYZ. Information about Sylogist can be found at www.sylogist.com.
Sylogist solutions include:
Serenic Navigator: Financial Tracking and Management for Education and Nonprofits
NaviPayroll: Payroll & HR Solution for Microsoft Dynamics 365 Business Central Customers
WenGAGE: Accounting & Student Information Systems
MissionCRM: Donor Management and Fundraising
InfoStrat: Dynamics 365 for GovCon, Grants Manager Plus, and SAVIN360 Victim Notification
Sylogist Pay: Payment Processing and Fuel Payment Management
The Portal Connector: Secure Web Portals for Online Customer Experiences
pavliks.com: Network and IT Solutions
Bellamy and SunPac: Financial Management
EpicData: ERP Solution for Manufacturing & Distribution
Learn more about Sylogist.
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 integrating technology, benefits to Sylogist's go-to-market strategy, MAS' expected contribution to Sylogist's financial performance and growth, and the Company's expanded credit facility providing the resources for it to execute on strategic acquisitions. 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, customer delays and the availability of strategic and transformative acquisitions. Additional information regarding some of these risks, uncertainties and other factors may be found under in the management's discussion and analysis for the three months ended December 31, 2020, 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 as a result 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
Adjusted EBITDA is a non-GAAP financial measures: Adjusted EBITDA is defined as: profit for the period before stock-based compensation, share-based payments, foreign exchange gains or losses, interest expense, bargain purchase price on acquisition, income taxes, acquisition-related costs, depreciation and amortization.
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.
Adjusted EBITDA is provided to investors as alternative methods 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. These measures should not be construed as alternatives to net profit (loss) or cash flow from operating activities 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, copies of which are available on Sylogist's SEDAR profile at www.sedar.com.