OneMove Capital is seeking to overhaul the board of Canadian software provider Sylogist Ltd, arguing the company has mishandled its shift to a cloud-based business model and overseen years of underperformance, according to a report by Bloomberg.
The activist investor, founded by Tyler Proud, said it holds about 9.2% of Sylogist’s shares and plans to nominate four directors at a shareholder meeting next month. OneMove claims previous governance changes failed to improve results, with the stock down roughly 57% over the past year.
The proposed slate includes Edward Smith, technology executive Rhonda Bassett-Spiers, corporate director Mary Filippelli and Proud himself.
OneMove has been privately engaging with the board for months but said talks failed to produce a settlement. The report cites unnamed people familiar with the discussions as highlighting that the hedge fund had pushed for broader governance and strategic reforms, while the company offered only limited concessions including a single board seat.
If elected, the activist-backed nominees plan to launch a strategic review, accelerate the search for a permanent chief executive and introduce stricter capital allocation and margin targets.
Sylogist, which sells software-as-a-service products to governments, schools and non-profit organisations, has said it would accept one nominee from the activist investor but criticised the campaign as an attempt to gain majority board control.
