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sylogist May 13 , 2021 Sylogist Q2 Fiscal 2021 Results : Sylogist Initiates Operational and Strategic changes , Maintains Core Financial Performance , Dividend Declared CALGARY , May 13 , 2021 / Marketwired / - Sylogist Ltd. ( TSX : SYZ ) ( " Sylogist " or the " Company " ) , a provider of enterprise information management solutions , is pleased to announce its unaudited financial results for the second quarter of the 2021 fiscal year , ended March 31 , 2021 . Bill Wood , President and CEO of Sylogist commented , " Despite the material headwinds from COVID - 19 on the public service markets we serve and the unfavorable currency exchange rate due to a weakened US dollar , we are pleased with our performance this quarter . We focused on serving our customer communities and the successful protection of our recurring revenue base . We also began to make foundational changes and investments in strategic initiatives across the company aimed at operational excellence and accelerating future organic growth . Revenue was impacted primarily from a weakened US dollar and from continued purchase delays due to COVID . While a weakened US dollar unfavorably affects our shorter term performance it also enhances our prospects for additional US acquisitions . Our sales and acquisition pipelines remain intact and we expect to see demand begin to recover in the back - half of calendar 2021 , possibly sooner . Throughout Q2 , we began taking strategic steps to improve alignment , processes and our products . For instance , we began to strengthen and better align our development and product management teams and are continuing to build capability and capacity where needed . In March , we closed on the acquisition of Municipal Accounting Systems , Inc. ( " MAS " ) . This was a strong value creation accelerator as we gained valuable IP , a talented team , an expanded K - 12 customer footprint and gained a dominant position in the Oklahoma K - 12 market , and a significant increase in revenue and profitability . MAS is highly complementary , and we have identified opportunities to offer a broader , integrated platform offering to our customers , which expands the options related to transitioning our legacy Bellamy and SunPac customers to a modern platform , and it creates greater leverage and scale for our go - to - market strategy . Simultaneously with the acquisition of MAS , we announced the expansion of our credit facility to $ 75 million CAD . This provides additional resources to pursue other strategic and transformative acquisitions . Lastly , at the end of Q2 , Sylogist's common shares began trading on the Toronto Stock Exchange ( the " TSX " ) . Graduating to the TSX from the TSX Venture Exchange was an important milestone for the Company and provides us with greater exposure to investors and a potential source of further growth capital . Again , I am pleased with the Company's Q2 results in these extraordinary times and excited about the outlook and our path forward , ” concluded Mr. Wood .