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SilverSun Technologies, Inc. (NASDAQ: SSNT) generates a steady flow of news as a national provider of business application software, technology services and managed IT solutions. Company press releases highlight its role as a value-added reseller of ERP, WMS, CRM, BI and other business applications, as well as its consulting, programming, training and technical support services. SilverSun also reports on its dedicated network managed services practice, which provides cybersecurity, application hosting, disaster recovery, business continuity and cloud services.
News coverage for SSNT often focuses on financial and operating results. The company regularly announces quarterly and annual results, breaking out software sales and service and other revenues, and discussing trends across professional consulting, application hosting, infrastructure-as-a-service and development. These updates are typically accompanied by commentary from management on revenue growth, operating margins and the performance of its technology platform.
Another key theme in SilverSun’s news flow is corporate transactions and strategic activity. The company has reported on acquisitions, such as the purchase of substantially all business assets of JCS Computer Resource Corporation by its subsidiary SWK Technologies, adding hundreds of Sage 100 customers and expanding its Midwest presence. SilverSun has also issued multiple releases about its investment agreement with Jacobs Private Equity II, LLC and minority co-investors, under which they plan to invest $1 billion in cash into the company, as well as stockholder approvals and related conditions.
In addition, SilverSun-related news includes recognition and awards for its subsidiary SWK Technologies, such as being named to CRN’s MSP 500 list and receiving Acumatica Partner of the Year honors. These items underscore the company’s presence in managed services and cloud ERP ecosystems. Investors and observers who follow SSNT news can track earnings announcements, acquisition activity, equity investment developments, spin-off plans and industry recognition tied to SilverSun and its subsidiaries.
SWK Technologies has been awarded the prestigious Sage Cloud Innovation Award, recognizing its significant contributions to cloud ERP, accounting, and process automation software. This accolade highlights SWK's commitment to advancing the Sage cloud ecosystem by introducing high-growth companies to cloud solutions and educating businesses on the benefits of cloud migration. SWK's CEO, Mark Meller, expressed gratitude for the recognition and reiterated the company's mission to pioneer innovative cloud technologies. With over 30 years as a certified Sage value-added reseller (VAR), SWK has earned multiple accolades, including the Sage Partner Platinum Club award and SOC 2 Type 2 certification. Additionally, SWK's merger with JCS Computer Resource in 2023 has expanded its expertise in implementing Sage products like Sage 50, Sage 100, and Sage Intacct. This award further cements SWK's role in helping small and mid-sized enterprises streamline operations and modernize their accounting systems.
On May 30, 2024, SilverSun Technologies (Nasdaq: SSNT) announced that its stockholders approved the equity investment deal with Jacobs Private Equity II, (JPE) and minority co-investors. The agreement outlines a $1 billion cash investment into SilverSun. Approximately 98.69% of votes cast, representing around 66.83% of all outstanding shares as of April 29, 2024, were in favor. Detailed voting outcomes will be reported in a Form 8-K filed with the SEC. Financial advisors for JPE include Goldman Sachs and Morgan Stanley, while The Benchmark Company and Lucosky Brookman LLP advise SilverSun.
SilverSun Technologies, Inc. (NASDAQ:SSNT) reported positive first quarter 2024 results, with total revenue reaching $14.4 million, software sales up by 4.7%, and service revenues increasing by 11.7%. Gross profit grew by 5.6%, but EBITDA decreased by $161,626. Net income was $138,087, with earnings per share at $0.03. The company is progressing with a transaction with Brad Jacobs and Jacobs Private Equity, with a shareholder meeting scheduled for May 30, 2024.
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