QXO Stock Price, News & Analysis
Company Description
SilverSun Technologies, Inc. (NASDAQ: SSNT) is a business application, technology and consulting company that provides software and IT solutions to meet clients' information, technology and business management needs. According to the company’s own descriptions in its press releases, SilverSun’s services and technologies are designed to help customers manage, protect and monetize their enterprise assets whether deployed on-premise or in the cloud.
SilverSun operates as a value-added reseller of business application software. The company states that it offers solutions for accounting and business management, financial reporting, Enterprise Resource Planning (ERP), Warehouse Management Systems (WMS), Customer Relationship Management (CRM), Business Intelligence (BI) and other business applications. Its value-added services focus on consulting and professional services, specialized programming, training and technical support. SilverSun also highlights a dedicated network managed services practice that provides cybersecurity, application hosting, disaster recovery, business continuity, cloud and related services.
The company describes itself as a national provider of transformational business technology solutions and services, with customers located across the United States. Press releases note customer concentrations in the New York/New Jersey metropolitan area, Chicago, Arizona, Southern California, Connecticut, North Carolina, Washington and Oregon. Through its wholly owned subsidiary SWK Technologies, Inc., SilverSun participates in the market for managed cloud services, core accounting and financial software, and process automation solutions. SWK’s managed cloud services division is characterized in company and partner communications as an IT solution provider and network defense resource.
SilverSun’s business model combines software sales with service and other revenues. Company disclosures separate software revenues from service revenues, which include managed and professional services. SilverSun reports that its platform includes professional consulting, application hosting, infrastructure-as-a-service and development activities. As a reseller and implementation partner for business applications, the company focuses on helping small and mid-sized enterprises streamline operations, reduce manual tasks and gain insights into critical data by modernizing and integrating accounting and finance systems and automating processes.
In its public communications, SilverSun emphasizes recurring and project-based technology services delivered to customers that sell services and products to various end users, manufacturers, wholesalers and distributors in the United States. The company’s managed services practice supports customers with cybersecurity, data protection, business continuity and remote access to applications and data. This mix of software resale, implementation, consulting and managed IT services positions SilverSun within the data processing, hosting and related services industry in the information sector.
Business segments and offerings
Based on the company’s descriptions, SilverSun’s activities can be grouped into several broad categories:
- Business application software resale – value-added resale of accounting and business management, financial reporting, ERP, WMS, CRM, BI and other business applications.
- Consulting and professional services – implementation, specialized programming, training and technical support related to the business applications it resells.
- Managed services and cloud – network managed services practice providing cybersecurity, application hosting, disaster recovery, business continuity, cloud services and related IT support.
- Infrastructure and hosting – application hosting and infrastructure-as-a-service offerings, as referenced in the company’s discussion of its platform.
SilverSun’s subsidiary SWK Technologies is described in news releases as one of the largest Sage business partners in North America and as a provider of managed cloud services supported by regional teams across the U.S. SWK helps small and mid-sized enterprises modernize and integrate accounting and finance systems, automate processes, manage talent and leverage scalable infrastructure to securely access data and applications from anywhere. These activities align with SilverSun’s overall positioning as a provider of business technology solutions and managed IT services.
Geographic footprint and customers
SilverSun reports that its customers are nationwide, with particular concentrations in the New York/New Jersey metropolitan area, Chicago, Arizona, Southern California, Connecticut, North Carolina, Washington and Oregon. The company states that it serves small and medium-sized businesses that sell services and products to various end users, manufacturers, wholesalers and distributors in the United States. Through acquisitions such as JCS Computer Resource Corporation, a Midwest-based reseller of Sage software solutions, SilverSun has expanded its geographic footprint and added hundreds of Sage 100 customers to its installed base.
Corporate developments and transformation
SilverSun has disclosed several significant corporate developments in its public communications. In an investment agreement announced in December 2023, the company stated that Jacobs Private Equity II, LLC (JPE) and minority co-investors agreed to invest $1 billion in cash into SilverSun. The company further disclosed that, shortly after the closing of this investment, it plans to separate its existing business into a new entity named SilverSun Technologies Holdings, Inc. and distribute all shares of that spin-off company to SilverSun stockholders as of a record date expected to be one day prior to the closing of the investment. SilverSun also indicated that it will declare a cash dividend funded from the investment proceeds and that it is anticipated the spin-off company will trade on the OTCQX market.
According to the same disclosures, the remaining company, following the spin-off of the existing SilverSun business, will be renamed QXO, Inc. and will become a standalone platform for significant acquisitions in the building products distribution industry. Subsequent SEC filings identify QXO, Inc. as the registrant for common stock and mandatory convertible preferred stock listed on the New York Stock Exchange under the symbols QXO and QXO.PRB, respectively. These filings show that the corporate entity historically associated with SilverSun Technologies, Inc. has been renamed QXO, Inc. and that QXO has entered into capital markets transactions, including an underwritten offering of common stock.
SilverSun’s communications also reference a previously planned merger with Rhodium Enterprises, Inc., an industrial bitcoin mining company. The company reported that this merger agreement was terminated and that it incurred a one-time charge related to accrued transaction expenses. Following that termination, SilverSun continued to pursue its growth strategy, including acquisitions such as JCS Computer Resource Corporation and the investment agreement with JPE.
Stock information and listing
SilverSun Technologies, Inc. has been identified in company press releases as a publicly traded company with the ticker symbol SSNT on the Nasdaq exchange. Later SEC filings refer to QXO, Inc. common stock and depositary shares representing interests in mandatory convertible preferred stock listed on the New York Stock Exchange under the symbols QXO and QXO.PRB. These filings indicate that the corporate entity formerly known as SilverSun Technologies, Inc. is now operating under the name QXO, Inc., while the existing SilverSun technology business is expected to reside in the spin-off company SilverSun Technologies Holdings, Inc., which is anticipated to trade on the OTCQX market according to the company’s disclosures.
Historical background
Reference material describes SilverSun Technologies, Inc. as having previously operated under the name Trey Resources, Inc. before adopting the SilverSun name. Over time, the company has developed its position as a reseller and service provider for business application software and as a provider of managed IT and cloud services. Through its SWK Technologies subsidiary and other activities, SilverSun has focused on helping customers manage enterprise systems, secure data, support remote work and automate business processes.