Serving the Greater Washington, D.C. Market, VICOR Acquisition Expected to Contribute Approximately $1.2 Million+ to Consolidated Revenues in 2013
LIVINGSTON, NJ -- (Marketwired) -- 06/13/13 -- SilverSun Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT), a national provider of transformational business technology solutions and services, today announced that SWK Technologies, Inc., the Company's principal operating subsidiary, has signed a Letter of Intent to acquire VICOR Business Services, Inc., a Bethesda, Maryland-based provider of financial and business management consulting services with specific expertise in compliance-oriented federal contracting with U.S. government agencies. In addition, their expertise in project management and time-based systems supporting FAR and CAS compliance for commercial firms and OMB Circular compliance for grants management will add a significant expertise to SWK's capabilities. VICOR's staff has assisted clients in passing Federal Contracting audits with DCAA and other audit agencies, helping them to obtain approval to perform on Federal Contracts.
Founded in 1989, VICOR offers a full line of Sage, Infor, Dynacom and its own proprietary business management solutions to small- and mid-sized businesses. With over $1.2 million in sales in 2012, the Company also provides a broad range of technical services, training and support to its customers, which are largely concentrated in the greater Washington, D.C. market.
"This potential acquisition will further strengthen SWK's national presence and materially enhance the Company's depth of specialized expertise in key niche sectors of the business management solutions marketplace," stated Mark Meller, Chairman and CEO of SilverSun.
Jeffrey D. Roth, Chief Executive Officer of SWK, added, "The acquisition of VICOR will help to fulfill three key growth objectives for our Company: geographic expansion of SWK into the nation's capital region; expansion of our proprietary product and service offerings; and the addition of highly specialized consultative expertise and experience in ensuring compliance with complex procurement rules and regulations for those clients conducting business with the Federal government. We look forward to quickly advancing our due diligence process so that we can conclude the transaction and welcome VICOR's top notch people to SWK's team of professionals."
Subject to further due diligence and certain closing conditions, a definitive agreement is expected to be signed and the transaction completed on or before July 31, 2013. Detailed terms and conditions of the proposed transaction were not disclosed.
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 national direct and channel sales teams, and a consulting team, all of which serve a growing customer base spanning the United States and Canada. For more information, please visit www.silversuntech.com, www.swktech.com, www.mapadoc.com and www.beerrunsoftware.com.
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Source: SilverSun Technologies, Inc.