Represents Company's Successful Launch of Initial Software-as-a-Service Offerings
LIVINGSTON, NJ -- (Marketwire) -- 04/24/12 -- SilverSun Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT), a preferred source for best-of-breed business management applications and professional consulting services, today announced the successful launch of a proprietary series of cloud-based software solutions created specifically to meet the unique business management needs of the U.S. craft beer brewing and distribution industry.
Jointly developed and distributed by SWK Technologies, the Company's principal operating subsidiary, and branded as BeerRun, BrewPub and the Distributor Relationship Management System (DRM), these new SWK-hosted solutions represent SilverSun's initial introduction of Software-as-a-Service (SaaS) offerings -- all of which were brought to market in the first quarter of 2012. These innovative solutions provide brewmasters with a single, turnkey database batch/process solution capable of managing their manufacturing operations -- from forecasting and planning to recipe management to inventory control and traceability, among other critical business functions, including automated TTB reporting. Since the launch, the Company has signed seven new customers to BeerRun and the associated DRM, and recently engaged its first customer of BrewPub. Revenue from these customers includes an upfront initiation fee and a recurring monthly subscription fee based upon the number of active user licenses.
According to the trade group Brewers Association, there were 1,940 craft breweries operating for some or all of 2011, comprised of 1,063 brewpubs, 789 microbreweries and 88 regional craft breweries. Further, craft brewer retail dollar volume was an estimated $8.7 billion in 2011, representing nearly 11.5 million barrels of beer sold.
Mark Meller, Chairman, President and CEO of SilverSun, stated, "The first year average annual contract value for our initial BeerRun and DRM contracts is approximately $6,387, with a projected contract term expectancy exceeding four years. Average annual recurring revenue is anticipated to be $3,450. Consequently, we view this niche market as an immediate $30 million+ opportunity on which we have every intention of capitalizing. Moreover, it is our plan to expand our beer brewing solutions platform to accommodate the needs of other types of spirits and beverage manufacturers in the coming year."
Continuing, Meller noted, "By leveraging our 20 years of experience in providing leading ERP and accounting solutions to a broad range of industries, SilverSun is uniquely positioned to identify SaaS and/or cloud-based solutions that close functional gaps within existing enterprise applications. In fact, we are currently evaluating opportunities to develop new, proprietary SaaS solutions that effectively address the business management needs of the insurance, commercial real estate, biotechnology and pharmaceutical industries. Because our solutions are designed to fully integrate with a wide variety of existing ERP and accounting packages, our customers are able to realize immediate value from our solutions while further leveraging their historical software investments."
For more information on and demonstrations of BeerRun, BrewPub and the Distributor Relationship Management System now available through SWK Technologies, please go to www.beerrunsoftware.com.
About SilverSun Technologies, Inc.
Headquartered in Livingston, New Jersey, SilverSun Technologies is involved in the acquisition and build-out of technology and software companies engaged in providing best of breed management applications and professional consulting services to small and medium size businesses (SMBs) in the manufacturing, distribution and service industries. Serving as SilverSun's principal operating subsidiary, SWK Technologies, Inc. employs a national direct sales and consulting team currently serving a growing customer base spanning 38 U.S. states and Canada. For more information, please visit www.silversuntech.com, www.swktech.com or www.mapadoc.com.
This press release may contain forward-looking statements, including information about management's view of SilverSun Technologies' future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of SilverSun Technologies, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on SilverSun Technologies' future results. The forward-looking statements included in this press release are made only as of the date hereof. SilverSun Technologies cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SilverSun Technologies undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by SilverSun Technologies.
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Source: SilverSun Technologies, Inc.