Serenic Corp. reports planned sale to Sylogist, attributes 2014 losses to early stages of cloud strategy
Canadian-based software and services firm Sylogist Ltd. has entered into a definitive agreement to acquire Serenic Corporation and its subsidiaries. The deal includes Serenic's existing proprietary enterprise application software, all existing customer relationships, customer contracts, Microsoft and other third party agreements.
Serenic is a Canada-based provider of financial and business management software to non-governmental organizations (NGOs), and the public sector based on Microsoft Dynamics NAV.
Sylogist will pay approximately $7.35 million in cash and assume Serenic's $3.5 million working capital liabilities, which mainly reflect deferred revenues.