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EDMONTON and CALGARY, Oct. 17 /CNW/ - Sylogist Ltd. ("SYZ" - TSX Venture Exchange) today announced it has acquired privately held Calgary based MasterWorks Software Systems Ltd. MasterWorks financial, accounting and human resource school administration software is installed and supported in over 70 school customers. The acquisition closed on October 15.
"This acquisition is a strong fit for Sylogist and complements our growing presence in School Boards," said Werner Biegler, Sylogist President and CEO. "MasterWorks brings us a team of employees with deep school administration process knowledge and a strong customer base."
"We believe that this combination represents a great opportunity for MasterWorks," said James McPherson, President, MasterWorks Software Systems. "Strategically, this is a great next step for our company and allows us to leverage Sylogist to the benefit of our customers."
Earlier in October, Sylogist acquired the assets and customers of Reflex Government Software from Harrison Muirhead Systems Inc. of Edmonton, further increasing Sylogist's leadership in the Alberta municipal market.
The acquisition of MasterWorks and Reflex increases Sylogist's public sector base to a total of over 160 municipal, school and school board customers.
Consideration for both the Masterworks and Reflex transactions was approximately $0.5 Million, by way of cash and assumed liabilities.
About Sylogist
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Sylogist provides enterprise information management and collaboration solutions to local government, education and private sector customers. Solutions are deployed through client, web-based and mobile systems. Sylogist Local Government Solutions provide an integrated suite of business applications to municipalities that serve their needs for revenue, finance and operations management capabilities. Sylogist Education Solutions provides financial, student information and collaborative web-site management systems for the K-12 market. Our industry leading collaborative web solutions enhance teacher, parent and student on-line collaboration driving improved student achievement.
The Company's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.
Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and Sylogist's capability to execute and implement its future plans. Actual results may differ materially from those projected by management.
Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Sylogist can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof and Sylogist undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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adequacy or accuracy of this release -