Annual and Special Meeting — May 12, 2026

A Better Sylogist

Establishing discipline, profitability, and credibility. Why governance change is needed now.

Presented by OneMove Capital Ltd. — March 2026

Read Our Plan → Meet Our Nominees → Read Our Letter → Our Circular →
−75%+
Share Price in the Last 5 Years
−37pp
EBITDA Margin Decline
−36pp
FCF Margin Decline
10%
Rule-of-40 (vs. 35% Peers)

Why Change Is Needed Now

Sylogist has attractive assets and predictable demand. But 75%+ value destruction in the last 5 years despite strong market position demands a new direction.

✅ Opportunity

Attractive Characteristics

  • Mission-critical public sector, education, and non-profit markets
  • Recurring revenue base, sticky products, and an improving SaaS mix
  • Should support durable organic growth and cash generation
⚠️ Reality

Strategy Has Destroyed Value

  • 75%+ value destruction in the last 5 years despite strong market position
  • Growth relied on acquisitions, masking weak organic momentum
  • Earnings, margins, and FCF deteriorated despite substantial capital investment
❌ Failure

Board Has Failed at Oversight

  • Approved acquisitions and partner model shifts without a credible plan for organic growth
  • Lacks expertise and capital allocation discipline for turnaround
  • Incumbent directors have failed to course-correct despite years of sustained performance deterioration
🏆 Solution

Reconstitute the Board

  • Incremental change has not worked — performance hasn't improved since PenderFund's 2023 campaign
  • Shareholders deserve a Board they can trust to select the next CEO
  • Vote for change at the May 12th Annual and Special Meeting to restore value

Underperforming Peers on Every Key Metric

Benchmarked against comparable vertical-market and public sector SaaS companies, Sylogist lags on every measure.

Metric Sylogist Tyler Technologies Sage Blackbaud Peer Average
Revenue Growth(5.1%)9.1%7.8%(2.3%)4.9%
Recurring Revenue %72.3%87.1%96.9%98.0%94.0%
Adj. EBITDA Margin14.6%27.9%27.6%35.9%30.5%
Rule-of-409.5%37.0%35.4%33.6%35.3%
EV / Revenue1.6x6.1x4.1x2.6x4.3x

All figures are FY 2025 as Dec. 31, 2025, Sage as Sep. 30, 2025. EV/Revenue is calculated using share prices as of Apr. 17, 2026. The peer set includes Tyler Technologies, Sage Group, and Blackbaud.

Increased Spending, Deteriorating Returns

More capital, absent returns. This is a governance failure.

11x
S&M spend increase since CY 2020
5x
R&D spend increase since CY 2020
5
Acquisitions completed

Spending Exploded

S&M up 11x since CY 2020
R&D up 5x since CY 2020
5 acquisitions completed

Growth Did Not Follow

Revenue growth stalled
Growth has been acquisition-driven
Bookings are volatile
SaaS transition failed to accelerate top-line

Returns Deteriorated

Gross margin down ~14pp
Adj. EBITDA margin down ~37pp
FCF margin down ~36pp
Share price down ~76%

Margins and Cash Generation Have Collapsed

Despite 5 acquisitions, EBITDA and FCF have been unable to keep pace with excessive spending.

PROFITABILITY

Spend up, profitability down

6.4x higher combined S&M and R&D investment failed to generate operating leverage or incremental profitability.

CASH FLOW

FCF conversion weakened

FCF margin fell from 35.3% (CY 2020) to negative 0.2% (CY 2025) despite higher spend. FCF declined ~101% from $13.7m to -$0.1m.

RETURNS

Capital has not cleared hurdles

ROIC down 102pp since 2020. Recent growth dollars have not produced commensurate cash returns.

PenderFund's 3-Year 'Transformation'

After nearly 3 years of PenderFund's transformation process, Sylogist stock has depreciated by more than 50%. Shareholders have lost faith in incremental Board changes.

PenderFund Transformation Timeline
Jun. 20, 2023
Sylogist signs nomination agreement with PenderFund
Share price: $7.50
Aug. 25, 2023
Errol Olsen appointed Director (PenderFund nominee)
Share price: $7.82
Feb. 18, 2026
Errol Olsen appointed Board Chair
Share price: $4.01
−50% share price decline since PenderFund's appointment
Shareholders Have Reacted Decisively
Feb. 12, 2025 — $9.93
J. Kim Fennell appointed new Director
↓ 61% drop since
Sep. 12, 2025 — $7.51
Board rejects OneMove's call for needed change
↓ 48% drop since
Oct. 28, 2025 — $6.49
Board renews plan, Foster to step down as Chair at AGM but remain director
↓ 40% drop since
Jan. 28, 2026 — $5.21
Bill Wood resigns; interim CEO appointed
↓ 25% drop since
Mismanaged CEO Transition

Interim CEO Oversaw Years of Failed Strategy as a Director

Craig O'Neill served on the Board during sustained financial decline, lacks transformational skills, and was handpicked by the outgoing Chairman. A meaningful strategic reset requires independent oversight, not internal succession from the existing Board.

Elected Director Aug. 2020 at $11.65
Departed as Director Jun. 2024 at $10.61
Appointed Interim CEO Jan. 28, 2026 at $5.21

Sources: FactSet as of Apr. 17, 2026, Company filings and public disclosures.

Repeated Broken Promises

Rule-of-40 targets have been repeatedly reiterated — and repeatedly missed.

DateRule-of-40 TargetActual Result
Aug. 2023 "Committed to a Rule-of-40 Posture" Broke below Rule-of-40 in Q4 2023 for 8 straight quarters
Nov. 2023 – Nov. 2024 Low-mid-teens growth; Mid-20s EBITDA margin Single digit growth; Low 20s EBITDA margin — 16.5% Rule-of-40 (below target)
May 2025 Low-mid 20s SaaS ARR; Mid-20s EBITDA margin 8.9% SaaS ARR growth; 15.7% EBITDA margin (H1-25 vs H1-24)
Aug. 2025 Abandoned Rule-of-40 targets entirely Currently a "Rule-of" 9.5% Company (CY 2025)

Executives Prosper While Shareholders Suffer

Under Tracy Edkins' Compensation Committee, average Named Executive Officer compensation increased by approximately 67% year-over-year despite a 68% collapse in Q4 Adjusted EBITDA and broad deterioration across every key financial metric. Then the Board fired the CEO to save their own seats.

Named Executive Officer FY 2024 Total FY 2025 Total YoY Change
Bill Wood (Former CEO) $1,614,320 $2,137,074 +32.4%
Sujeet Kini (CFO) $517,078 $1,165,807 +125.5%
Grant McLarnon (CRO) $543,972 $755,271 +38.8%
Theresa LoPresti (CTIO) $697,824 $1,286,248 +84.3%
Donna Smiley (CCO) $446,619 $679,405 +52.1%
~67%
Average executive pay increase
-68%
Q4 Adj. EBITDA year-over-year
5
Consecutive earnings misses

Tracy Edkins, as Chair of the Compensation Committee, maintained a cash-heavy executive compensation structure through five consecutive earnings misses with no publicly disclosed performance gate that triggered. After approving a 32% bump in CEO compensation during a year of collapsing EBITDA and negative free cash flow, the Board did a complete 180 and pushed the CEO out in January 2026 to preserve their own positions ahead of OneMove's contested meeting.

The Current Board Lacks Relevant Expertise

Incremental change has not worked. Substantial Board reconstitution is required.

Status Quo

Breakdown in Leadership Accountability

Lack of transformational expertise has allowed problems to persist. Execution failures without accountability.

Misguided and Incoherent Strategy

A venture-like growth-at-any-cost narrative that has failed to generate real growth, coupled with a scattershot partnership strategy.

Undisciplined Capital Allocation

Excessive S&M and R&D spending failed to translate into returns. ROIC deteriorated amid weak discipline.

Required Changes

Strengthened Leadership Accountability

Directors with proven transformation and capital allocation expertise. Clear accountability for performance, including selecting the right CEO.

Focused and Disciplined Strategy

Prioritize EBITDA & FCF margin expansion while maintaining durable growth. Redesign go-to-market and eliminate excessive spending.

Rigorous Capital Stewardship

Every dollar in S&M and R&D accountable to defined outcomes. Comprehensive review of strategic alternatives.

Director Tenure

"Just Finding Our Footing" Is a Symptom of Disengaged Directors

The Board has claimed directors have "only" been there a year and are "finding their footing." It shouldn't take a year or more to learn a company and be effective as a director—that excuse is a symptom of disengaged oversight. Shareholders deserve directors who are ready to govern from day one.

Errol Olsen Joined Aug. 2023 — ~3 years
Tracy Edkins Joined Feb. 2024 — ~2.5 years
Andrea Ward Joined Feb. 2024 — ~2.5 years
Aziz Benmalek Joined Jun. 2024 — ~2 years
J. Kim Fennell Joined Feb. 2025 — ~1.5 years

Average tenure of over 2 years—yet the Board still frames inexperience as an excuse. Engaged, accountable directors do not need a year to find their footing.

A Governance and Capital Allocation Framework

The OneMove nominees, upon election, will oversee Sylogist under a clear governance and capital allocation framework with measurable targets and defined accountability.

⚖️

Zero-Based Budget Review

The operating budget is rebuilt from zero. Every line of expense is justified against a return, or it is removed.

🎯

FCF Hurdle Rate

Every dollar of FCF is measured against a stated after-tax IRR target. Capital that cannot clear the hurdle is retained or returned to shareholders.

🔗

Restart M&A Engine

Disciplined vertical-market-software consolidation produces a higher return on each incremental dollar than organic reinvestment at Sylogist's stage.

🔍

Strategic Review

A full review of Sylogist's portfolio, business segments, and competitive position. Non-core segments divested. Open to a sale if it maximizes value.

By comparison: The Board's Q4 2025 earnings release and call in March 2026 committed to no revenue growth target, no margin target, no CEO timeline, no AI roadmap, and no forward guidance. The Board's current plan is, in substance, to stay the course. That course has destroyed more than 75% of shareholder value.

Read Our Full Plan →

Significant Upside If Execution Improves

Illustrative scenarios based on closing the valuation gap to peers under improved governance.

Current
$3.90
11.2x EV/EBITDA
~23% discount to peers • -5% revenue growth • 15% adj. EBITDA margin (CY 2025)
Scenario 1: Conservative
$9.61
+147% Upside
10x EBITDA • 5% organic growth • 35% EBITDA margin
Scenario 2: Upside
$14.01
+259% Upside
12x EBITDA • 9% organic growth • 40% EBITDA margin

Sources: Company filings, Bloomberg as of Apr. 17, 2026. Scenarios based on applying illustrative EV/EBITDA multiples to OneMove Capital's forward estimates. These are illustrative scenarios for discussion purposes only and do not constitute a forecast or guarantee of future results.

Clear, Measurable Financial Targets

A reconstituted Board will establish specific performance benchmarks and hold management accountable.

KPI Current (CY 2025) 18 Month Target Peer Benchmark
Revenue Growth(5.1%)~5–10%4.9%
Adj. EBITDA Margin14.6%~35%30.5%
FCF Margin(0.2%)20%+21.1%
Rule-of-409.5%~40%35.3%
R&D as % of Recurring Revenue24.3%<12%14.1%

Targets are illustrative and subject to Board review upon reconstitution. Peer set includes Tyler Technologies, Blackbaud (FY 2025 as of Dec. 31, 2025) and Sage Group (FY 2025 as of Sep. 30, 2025). R&D benchmarks (incl. capitalized development) are based on Tyler Technologies and Blackbaud.

A Long-Term, Aligned Shareholder Driving Change

OneMove Capital Ltd. is a private investment firm focused on unlocking value in technology-enabled businesses through disciplined governance, strategic oversight, and long-term shareholder alignment.

📈

~15% ownership of Sylogist common shares, directly aligning interests with fellow shareholders.

🎯

Founded by Tyler Proud, co-founder of Dye & Durham, with deep experience in vertical market software, SaaS models, and public company governance.

💪

Long-term, engaged approach focused on accountability, capital discipline, and sustainable value creation.

The Time for Change Is Now

Sylogist's assets are strong and its markets are resilient. What has been missing is aligned, accountable oversight. Stay informed on our campaign and the May 12th Annual and Special Meeting.