Sylogist Ltd., has purchased Municipal Accounting Systems Inc., a highly regarded, Oklahoma-based provider of student information management and accounting solutions to K-12 public school districts. Pursuant to the transaction, Sylogist, through its subsidiary Sylogist USA Inc., acquired all of the shares of MAS for cash consideration of $37.8M, subject to working capital adjustments, 50% of which was paid from cash on hand and the remainder drawn under its existing credit facility.
Bill Wood, president and CEO, Sylogist, stated, “We are delighted to welcome MAS customers and its team to Sylogist. MAS is highly complementary to our existing SaaS K-12 solution and we have identified value-add capabilities within each platform that can integrate with the other. We are excited to offer a more feature-rich, scalable and flexible solution to customers and new school districts throughout North America. Further investments in our go-to-market strategy will greatly benefit from the leverage this larger scale and breadth of offering provides.
Pam Humphrey, founder, MAS, added, “I am very happy to see MAS join Sylogist. Although we weren’t looking to sell the company, after we began discussions with Bill and his team, it quickly became clear that the companies were a natural fit and the timing was right. I am very comfortable that the business is in good hands with Sylogist and I’m confident this provides the right mix of continuity, stability and potential new product advancements for our customers, which is very important to me.”