Sylogist Announces Divestiture of its Managed IT Services Division
Sylogist (TSX: SYZ), a leader in public sector SaaS solutions, announced the divestiture of its Managed IT Services division to Mountain View IT Solutions (MVITS) of Calgary, AB. CEO Bill Wood highlighted that this move aligns with the company's strategy to focus on its core SaaS business, which promises greater value creation and leverage opportunities. The transition will affect a modest number of customers, with MVITS ensuring a seamless handoff. This strategic decision enables Sylogist to enhance its SaaS revenue profile while integrating MVITS into its partner community for managed IT services.
- Divestiture allows Sylogist to focus on its core SaaS business.
- Potential for accelerating value creation and leverage opportunities.
- MVITS integration into Sylogist's partner community for ongoing managed IT services.
- Divestiture affects a modest number of customers, requiring a seamless transition.
Calgary, Alberta--(Newsfile Corp. - June 28, 2024) - Sylogist Ltd. (TSX: SYZ) ("Sylogist or the "Company"), a leader in public sector SaaS solutions, is divesting its non-strategic Managed IT Services division to Mountain View IT Solutions ("MVITS") of Calgary, AB. "Consistent with our strategy to hand-off professional service activities to a carefully vetted partner community over time, this divestiture allows us to further concentrate our efforts on growing the SaaS aspect of our revenue profile, where we see accelerating value creation and leverage opportunities, "said Bill Wood, CEO of Sylogist. "We are confident that MVITS is well-positioned to deliver exceptional value to our Managed IT Services customers and our combined teams are committed to ensuring a smooth transition for the modest number of customers it affects. MVITS will join our partner community going forward whereby they render managed IT services to Sylogist customers that require it."
For more information, please contact:
Sujeet Kini, Chief Financial Officer
Sylogist Ltd.
Jennifer Smith, Investor Relations
LodeRock Advisors
(416)491-8004
Ir@sylogist.com
About Sylogist:
Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals. The Company's stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management's Discussion and Analysis, can be found at www.sedarplus.ca or at www.sylogist.com.
About Mountain View IT Solutions:
Mountain View IT Solutions (MVITS) is a dynamic and innovative IT Managed Services Provider dedicated to delivering comprehensive and cost-effective technology solutions to small and medium-sized enterprises. Its mission is to empower organizations with reliable and secure IT infrastructure, allowing them to focus on their core competencies while MVITS handles their technology needs. With a commitment to excellence and a customer-centric approach, MVITS is a trusted partner for businesses seeking top-tier IT support and management services. Information about MVITS can be found at www.mvits.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214885
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