North Carolina Firm's 2014 Revenue Exceeded $2.4 Million
LIVINGSTON, NJ -- (Marketwired) -- 09/21/15 -- SilverSun Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT) announced today that its wholly owned subsidiary, SWK Technologies, Inc. (the "Company"), a national provider of transformational business technology solutions and services, has signed a non-binding letter of intent to acquire Oates & Co. LLC ("Oates"), a leading North Carolina-based reseller of Sage and Acumatica applications. Oates has implemented technology solutions at prominent companies throughout the Southeast.
The deal is expected to add more than $2,400,000 in annual revenue. It is anticipated that the transaction, which is subject to the signing of definitive agreements and customary closing conditions, will close on or before September 30, 2015. The terms of the transaction were not disclosed.
Mark Meller, CEO of SilverSun, stated, "Oates and its management team, including Chris Oates and John Shepperson, have a tremendous reputation spanning several decades as a valued Sage business partner. The company has a solid revenue stream and a strong, established customer base. This transaction further solidifies our position as one of the largest resellers of Sage Software in the United States. We continue to execute on our business plan to increase value for our shareholders by increasing profitable sales and acquiring companies and technologies."
"This acquisition makes SWK Technologies a dynamic force with significant market presence in the Southeast," added Jeffrey D. Roth, CEO of SWK Technologies. "Further, the fact that both SWK and Oates have added Acumatica to their portfolios is an indicator that our business strategies are very much aligned. With our management talent, in-house expertise, and financial resources, we are confident that the combined companies will be able to accelerate sales and earnings growth. Our shared commitment to putting clients' needs first ensures Oates' client base will continue to receive superior service. We are very excited about our future prospects."
Chris Oates of Oates & Co. stated, "We are excited to be joining SWK. They have been a valued business partner of ours for many years. Oates is able to provide SWK with a presence in the Southeast, while SWK brings a wealth of resources, knowledge, and management that will allow us to continue to provide excellent support for our customers, increase opportunities for our employees and expand our business into new areas."
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.
Forward Looking Statements
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.