Sylogist Ltd. (TSX: SYZ) (“Sylogist or the “Company”), is pleased to announce that, effective today, it has acquired Time Clock Now (“Time Clock Now” or “Asset”), a comprehensive 100% SaaS solution for streamlining time tracking and scheduling.
Sylogist acquired the Asset from Action Micro Technologies (“AMGroup”) for total consideration of $1.65 million (USD). 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 CEO. “We seized a buy vs. 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% cloud based Sylogist Gov, Ed, Mission and Payroll platforms represents the achievement of a targeted milestone on the Company’s technology roadmap 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.
Learn more about Time Clock Now.
About Sylogist
About Action Micro Technologies
Forward-looking Statements
Non-IFRS Financial Measures
For further information contact:
Sujeet Kini, Chief Financial Officer
Sylogist Ltd.
Jennifer Smith, Investor Relations
LodeRock Advisors
(416) 491-8004
