NJ Managed Service Provider's 2014 Revenue Exceeded $1.7 Million
LIVINGSTON, NJ -- (Marketwired) -- 07/08/15 -- 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, closed on the acquisition of ProductiveTech, Inc., ("PTI"), a New Jersey-based managed services provider ("MSP") which provides 24/7/365 remote network monitoring, data backup, business continuity and cloud computing services to small and medium-sized businesses.
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 is recurring subscription revenue. The acquisition, which cost $1,360,000, was paid in the form of $500,000 in cash, $600,000 in the form of a 5-year note, and $260,000 in SilverSun common stock.
Mark Meller, CEO of SilverSun, stated, "We are happy to announce the closing of this exciting transaction. This acquisition will help us in our plans to expand our MSP business to other 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 add management skills and technical resources which will permit us to establish and/or acquire managed service practices in these other regions."
Jeffrey D. Roth, CEO of SWK Technologies, commented, "This transaction will allow us to expand our MSP practice into central and southern New Jersey, giving us service coverage for the entire state of New Jersey. This powerful combination of the SWK and PTI teams will establish us as a significant player in the managed and cloud services marketplace in the state of NJ and beyond."
About SilverSun Technologies, Inc.
SilverSun Technologies is involved in the acquisition and build-out of technology and software companies. The Company's growth strategy is to acquire firms in the extensive and expanding, but highly fragmented, business solutions marketplace, as it seeks to create substantial value for shareholders. Since June 2004, SilverSun has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, AMP-BEST Consulting, Inc., Hightower, Inc., ESC Software, Inc., Accounting Technologies Resources, Inc., and ProductiveTech, Inc.. Through its subsidiaries, the Company offers an array of accounting and business management products, including its own proprietary software, as well as a wide range of managed network services and cloud services.
For additional information, visit SilverSun's corporate website: www.silversuntech.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to SilverSun Technologies, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
Source: SilverSun Technologies, Inc.