CLEVELAND - October 18, 2021 - (Newswire.com)
pavliks.com, a provider of proprietary SaaS applications and professional services primarily to public sector organizations and member associations, announced it has been acquired by Sylogist.
The transaction was facilitated by IT ExchangeNet, a global leader in smaller mid-market mergers and acquisitions focusing on IT Services businesses, MSSPs, MSPs, Microsoft, and Oracle channel partners. It marks the firm's 16th transaction in the past 10 months.
Pursuant to the transaction, which closed on Oct. 18, 2021, Sylogist acquired all the shares of pavliks.com for $11.5 million (CAD), subject to working capital adjustments. With historical growth averaging 20% per year, pavliks.com is tracking toward current year revenue of $9.4 million and Adjusted EBITDA of $1.6 million, materially expanding Sylogist's scale and growth profile.
The Portal Connector ("TPC") business unit offers a fast-growing, modern, low/no code, acclaimed solution enabling clients to build and integrate customer-facing web applications with Microsoft Dynamics. This innovative TPC solution has grown in excess of 40% annually in recent years to now generate approximately one third of pavliks.com's total revenue from a global clientele, including marquee customers such as the Australian federal government. Sylogist plans to fast-track TPC's out-of-the-box integration beyond Microsoft databases and invest in its direct and channel sales capacity to enhance its already impressive growth.
"ITX not only provided us with options, but their process provided structure to the entire transaction," said pavliks.com President Ian Pavlik. "We are excited for our future with Sylogist and thankful ITX identified such a strong partner for the future of pavliks.com employees and customers."
The current pavliks.com management team will continue to lead its daily operations, reporting into the Sylogist executive team; with Ian Pavlik serving as General Manager, reporting directly to Sylogist CEO Bill Wood.
"Hats off to Ian and his team at pavliks.com as well as the team at Sylogist," commented Matthew Putzulu, COO of ITX. "This transaction was smooth from start to finish, and we're excited for what's on the horizon for the combined organization."
Founded in 1998 by technology CEOs and M&A professionals, IT ExchangeNet (ITX) was acquired by martinwolf in January of 2021. The deal creates a globally recognized provider of M&A advisory services for transactions spanning $5 million to $500 million, with both companies each having more than 20 years of experience in the IT mid-market space.
IT ExchangeNet owns a network of more than 50,000 global IT decision makers. Focusing on smaller companies that are historically ignored by large investment banks and M&A advisors, ITX leverages industry knowledge and relationships to work with companies that are ready to be sold, and buyers that are ready to buy. Specific segments of the IT industry served include: Managed IT Services, MSSPs, software as a Service (SaaS), Hosting, Infrastructure as a Service (IaaS), Cyber Security, IT Services, Software Development, and Big Data.
To learn more about ITX: www.itexchangenet.com.
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Original Source: IT ExchangeNet Facilitates pavliks.com's Acquisition by Sylogist