NJ MSP's 2014 Revenue Exceeded $1.7 Million
LIVINGSTON, NJ -- (Marketwired) -- 05/11/15 -- SilverSun Technologies, Inc. (OTCQB: SSNT) (OTCBB: SSNT) announced today that its wholly owned subsidiary, SWK Technologies, Inc., a national provider of transformational business technology solutions and services, has signed a letter of intent to acquire ProductiveTech, Inc. ("PTI"), a New Jersey-based managed service provider ("MSP") that provides 24/7/365 remote network monitoring, data backup, business continuity and cloud computing services.
Founded in 1984, PTI is the pre-eminent computer and network services company serving Southern New Jersey, Eastern Pennsylvania, and Northern Delaware. The deal is expected to add, based on 2014 financials, more than $1,700,000 in annualized revenue, $930,000 of which was recurring subscription revenue. It is anticipated that the transaction, which is subject to the signing of definitive agreements and customary closing conditions, will close in the second quarter of 2015. The terms of the transaction were not disclosed.
Mark Meller, CEO of SilverSun, stated, "Our MSP practice has been rapidly growing, but the business has essentially been a local one, servicing customers in the New York City metropolitan area. Our plan has always been to expand our geographic reach to regions where we currently have customers from our other technology businesses, such as Chicago, Dallas, Phoenix, Southern California, and Syracuse, NY. The acquisition of PTI will allow us to cover the entire state of New Jersey and will add management skills and technical resources permitting us to establish and/or acquire managed service practices in these other regions."
Jeffrey D. Roth, CEO of SWK Technologies, commented, "The management team at ProductiveTech, Inc. impressed us. We were looking to expand our MSP practice into central and southern New Jersey but required high-level technical skills and skilled executives to lead us there. We have found a winning formula with ProductiveTech to accomplish this. We're looking forward to all that we can achieve by the powerful combination of the SWK and PTI managed services teams."
About SilverSun Technologies, Inc.
We are a business application, technology and consulting company providing strategies and solutions to meet our clients' information, technology and business management needs. Our services and technologies enable customers to manage, protect and monetize their enterprise assets whether on-premise or in the "Cloud". As a value added reseller of business application software, we offer solutions for accounting and business management, financial reporting, Enterprise Resource Planning ("ERP"), Warehouse Management Systems, Customer Relationship Management, and Business Intelligence. Additionally, we have our own development staff building software solutions for Electronic Data Interchange, time and billing, and various ERP enhancements. Our value-added services focus on consulting and professional services, specialized programming, training, and technical support. We have a dedicated network services practice that provides managed services, hosting, business continuity, cloud, e-mail and web services. Our customers are nationwide, with concentrations in the New York/New Jersey metropolitan area, Chicago, Dallas, Arizona and Southern California.
For additional information, visit SilverSun's corporate website: www.silversuntech.com
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Source: SilverSun Technologies, Inc.