Business
Sylogist acquires Weave Corp. - Expands into Ontario Municipal Market
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About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE\n SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\nCALGARY AND TORONTO, Oct. 31, 2013 /CNW/ - Sylogist Ltd. (TSXV:SYZ)\n (\"Sylogist\") is pleased to announce the completion today of the\n acquisition of all the common shares of Weave Corp, a well-recognized\n Ontario based public sector software development and support\n organization.  Weave's operations will be integrated under the\n Sylogist's public sector software business; Bellamy Software. Based on\n historical results, we expect the Weave acquisition to grow our annual\n revenue by approximately 15%.  Weave was acquired for less than 2% of\n Sylogist's current market capitalization, half of which consideration\n is performance based.\n\n\n\"In Weave, we have acquired a profitable company built on a recurring\n revenue model.  Weave has developed a proven suite of real-time asset\n management, preventative maintenance, mobile inspections and budgeting\n applications for the public sector based on their own business\n intelligence/analytics platform, for analyzing \"big data\".  Weave\n software is run by over 40 municipalities and engineering companies in\n Ontario. Weave's products complement and integrate to Sylogist's public\n sector applications (Bellamy Software).  With the addition of Weave\n Corp, we are able to provide the only complete integrated suite of\n public sector municipal applications in the Canadian marketplace\n supported by a single company. Software solutions are available through\n a software-as-a-service (SaaS) model or supplied as an in-house\n solution of the customer's choosing,\" stated Jim Wilson, CEO of\n Sylogist Ltd.\n\n\n\"This strategic acquisition provides strong cross selling opportunities\n to existing customers and market expansion potential for new customers\n seeking a single source SaaS or in-house public sector solution. We are\n also encouraged by the potential application of the Weave business\n intelligence and analytics platform to our private sector customers\n within our Epic Data division. We welcome the Weave staff at their\n Toronto area office.\"\n\n\nAbout Sylogist\n\n\nSylogist is a technology innovation company which, through strategic\n acquisitions, investments and operations management, provides\n enterpris...