Accretive Acquisition Expected to Contribute Annual Revenues of More Than $600,000
LIVINGSTON, NJ -- (Marketwire) -- 06/07/12 -- SilverSun Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT), announced today that its wholly owned subsidiary, SWK Technologies, the premier total solutions provider specializing in business software solutions, has acquired select assets of Micro-Point, Inc., a Westchester, New York-based managed service provider and reseller of Sage Software products.
In addition to being a Sage reseller, Micro-Point has expertise as a hosting and computer services provider, with services similar to and complementary to those currently being offered by the network services division of the Company. The deal is expected to contribute more than $600,000 in annualized revenue to SilverSun and be immediately accretive to the Company's earnings. The terms of the transaction were not disclosed. More information on Micro-Point can be found at www.micro-point.com.
Mark Meller, CEO of SilverSun, said, "While we are pleased to acquire the Sage customers of Micro-Point, the greater value to us in this transaction is that it allows us to greatly expand our hosted service offerings -- an area of our business that we are intent on building into a major profit center for our Company. The acquisition of Micro-Point gives us immediate critical mass in this area, and paves the way for us to sell a more robust portfolio of network service offerings to our existing customer base of roughly 2000 small- and mid-sized businesses in operation across the country."
Continuing, Meller added, "We are constantly looking to improve and expand our product and service offerings, particularly those that provide us with recurring revenue on a monthly basis. Given our management talent, in-house expertise and financial resources, we are confident that we will be able to rapidly increase sales and earnings from the addition of Micro-Point's software hosting services. This acquisition marks the third we have completed in 2012."
Jeffrey D. Roth, CEO of SWK Technologies, noted, "We continue to execute on our business plan to materially enhance value for SilverSun's shareholders by increasing sales, fueling earnings growth and acquiring companies that introduce profitable new lines of business for our Company, thus further enhancing and strengthening our collective product and service offerings. It is an incredibly exciting period of growth for SilverSun and SWK and we look forward to the future with great optimism and expectations."
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.