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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.
SilverSun Technologies (NASDAQ:SSNT) announced its second quarter 2022 results, revealing a 4.0% revenue increase to $10.6 million compared to Q2 2021. However, the company reported a net loss of $87,766, a stark contrast to 2021's net income of $130,289. Software revenues surged by 57.9%, while service revenues declined by 7.2%. For the first half of 2022, total revenues rose 2.6%, with software revenues increasing 43.2%. The CEO expressed optimism about future growth despite challenges in recruiting and inflationary costs.
SilverSun Technologies (NASDAQ:SSNT) reported its Q1 2022 results with total revenue of $11,023,844, marking an increase of 1.3% year-over-year. Software sales surged by 30.3% to $2,610,962, while service revenues decreased by 5.2% to $8,412,882. Gross profit declined by 0.9% to $4,704,867, and net loss reached $40,656 compared to a net income of $354,679 in Q1 2021. Challenges in hiring qualified talent and increasing operating expenses due to inflation were highlighted, but the company remains optimistic about future growth and profitability.
SilverSun Technologies (NASDAQ:SSNT) reported its fiscal year 2021 results, achieving total revenue of $41.7 million, a 1.2% increase from 2020. Gross profit rose 3.8% to $17.2 million. However, the company faced a net loss of ($0.03) per diluted share, down from a net income of $0.04 in 2020. Cash reserves stood at $6.8 million with long-term liabilities of $1.3 million. CEO Mark Meller highlighted efforts in realigning resources and expanding digital transformation services, though he noted challenges from rising operational expenses due to the competitive hiring landscape.
SilverSun Technologies, Inc. (SSNT) announced the acquisition of the Acumatica division of Dynamic Tech Services on January 5, 2022. This strategic move enhances SilverSun's resources and geographic reach, positioning SWK Technologies as the leading Acumatica reseller in North America. CEO Mark Meller emphasized that the acquisition will accelerate growth and solidify market leadership. Joel Gress, founder of Dynamic Tech, expressed optimism about the combined organization's potential in 2022 and beyond. The acquisition reflects SilverSun's commitment to digital transformation for its 5,000 customers.
SilverSun Technologies (NASDAQ:SSNT) announced its intent to acquire the Acumatica division of Dynamic Tech Services, enhancing its customer base by approximately 30%. This strategic acquisition will bring experienced resources to facilitate scaling operations and digital transformation for over 5000 customers. The deal is expected to close by the end of the year, contingent on customary conditions. CEO Mark Meller and Joel Gress emphasized their shared corporate culture and vision for growth.
SilverSun Technologies (NASDAQ:SSNT) released its third quarter results for the period ending September 30, 2021. Revenue reached $10.1 million, a slight decline of 0.5% year-over-year, while gross profit fell 2.8% to $3.9 million. The company reported a net loss of $240,029, compared to a net income of $55,205 in 2020. However, for the nine-month period, total revenues increased by 4.4% to $31.2 million, with net income improving to $244,939 from a loss of $203,396. The company is focused on enhancing monthly recurring revenue and has made strategic shifts in its product offerings.
SilverSun Technologies (NASDAQ:SSNT) reported its second quarter results for the period ending June 30, 2021. Key financial highlights include a 5.8% revenue increase to $10.23 million, with gross profit rising 8.4% to $4.27 million. The company achieved a net income of $130,289, compared to $33,514 last year. For the first half of 2021, total revenues increased 6.9% to $21.11 million, while gross profit rose 15.7%. Operating efficiency improved, with gross margins at 41.7% and SG&A expenses reduced to 37.2% of revenue.
SilverSun Technologies (NASDAQ:SSNT) declared a special cash dividend of $0.60 per share, with a record date of July 9, 2021 and a payment date of July 16, 2021. CEO Mark Meller stated that this dividend reflects the company's financial success and aims to reward shareholders. Future dividends will depend on the company’s cash requirements and financial performance. SilverSun provides business application and technology solutions across various sectors, focusing on software and IT services.
SilverSun Technologies (NASDAQ: SSNT) announced its subsidiary, SWK Technologies, won the Avalara Top Partner Award for 2021 in the systems integrator category. This award acknowledges partners excelling in sales, customer satisfaction, and implementation. CEO Mark Meller highlighted SWK's strong sales growth and customer engagement as key factors for the recognition. The Avalara Partner Awards celebrate the commitment of partners to excellence in tax compliance services.
SilverSun Technologies (NASDAQ:SSNT) reported its first quarter results for the three months ended March 31, 2021, showing a 7.9% increase in total revenue, reaching $10,879,468. Software sales grew by 13.3% to $2,004,011, while service revenues rose by 6.8% to $8,875,457. Gross profit increased 23.2% to $4,746,537. The company recorded a net income of $354,679, or $0.07 per share. As of March 31, 2021, cash totaled $9,356,136. CEO Mark Meller noted strong sales and a growing sales pipeline, with a recurring revenue approaching 45% of total revenue.