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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.
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SWK Technologies has been recognized in CRN's 2023 Managed Service Provider (MSP) 500 list, marking its seventh consecutive year as a leader in the Pioneer 250 category. This prestigious list highlights organizations driving innovation in managed services across North America. SWK Technologies enhances client efficiency through modern IT solutions while focusing on digital transformation amidst economic challenges. The company’s Managed Cloud Services division is praised for streamlining operations and automating processes. SWK’s recognition underscores its commitment to delivering impactful technology solutions that maximize return on investment for clients.
SilverSun Technologies (NASDAQ:SSNT) reported its fiscal year 2022 financial results, revealing a 7.9% increase in total revenue to $44,985,276 from $41,701,380 in 2021. Gross profit also rose by 4.4% to $17,960,736. However, EBITDA decreased by $173,348 to $914,280, and net loss per share increased to ($0.05) from ($0.03). As of December 31, 2022, the company had $8,008,633 in cash and $1,132,684 in long-term liabilities. CEO Mark Meller highlighted ongoing challenges in personnel retention and industry-wide inflation impacting costs. The company also awaits regulatory approvals for its merger with Rhodium Enterprises.
SilverSun Technologies (NASDAQ:SSNT) reported its Q3 2022 results, showcasing a total revenue of $10,917,159, an 8.0% increase from Q3 2021. Software revenue surged by 59.8% to $2,482,488, while service revenue dipped 1.4% to $8,434,671. The company reported a net loss of $134,237 or $0.03 per share, improved from a loss of $240,029 in the previous year. For the nine months ended September 30, total revenues increased 4.4% to $32,579,076, impacted by a 4.6% decline in service revenues. The company holds $7,232,158 in cash.
SilverSun Technologies (NASDAQ:SSNT) has announced a definitive agreement to merge with Rhodium Enterprises, a major player in bitcoin mining. Stockholders will receive a cash dividend of at least $1.50 per share, totaling approximately $8.5 million, alongside a 100% stock dividend of shares in SWK Technologies Holdings. Following the merger, existing shareholders will retain about 3.2% of the combined company. The transaction aims to close by year-end 2022, pending regulatory approvals. This strategic move is expected to enhance shareholder value and capitalize on the growing cryptocurrency market.