Serenic will rebrand and form a new operating division called Cloudco which will retain the intellectual property associated Serenic’s cloud technology and will sell products to markets that Serenic’s subsidiaries have not historically pursued. Like Serenic, Sylogist is publicly traded in Canada. Its Bellamy Software division sells software for managing municipalities, school districts and utilities. The Epic Data operation markets to warehouses and warehouses while its finally business is the Sylogist Fuel Management operation. Serenic lost just over $2 million in 2014, up from net income of $39,110 for fiscal 2013. Revenue for the most recently ended year was $11.3 million a drop of 6.1-percent from $12.1 million.
SERENIC TO SELL MOST OPERATIONS Featured
Serenic will exit its historical software businesses. The company this week said, as it reported results for the year ended February 28, that it will sell shares in Serenic Canada, Serenic Software and Serenic Software (EMEA) to Sylogist. That means the Serenic Navigator line of nonprofit software based on Dynamics NAV will be marketed by Sylogist. The purchase price is $11.9 million minus the assumption by Sylogist of $3.9 million in Serenic liabilities with about $8 million in proceeds to Serenic. All figures are in Canadian dollars. About $7.5 million will be distributed to Serenic shareholders.
