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SilverSun Technologies Inc. reports company developments tied to business software applications, managed IT services, and its SWK Technologies subsidiary. Recurring news covers SWK's role as a Sage and Acumatica partner, managed service provider recognition, cloud ERP implementation work, and customer-focused technology services for small and mid-market organizations.
Company updates also include completed business-asset acquisitions, operating and financial results, material agreements, shareholder voting matters, capital-structure disclosures, governance matters, and security-structure developments associated with the issuer's public-company status.
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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.