Welcome to our dedicated page for SilverSun Technologies news (Ticker: SSNT), a resource for investors and traders seeking the latest updates and insights on SilverSun Technologies stock.
SilverSun Technologies, Inc. (NASDAQ: SSNT) is a leading business application, technology, and consulting company that focuses on providing comprehensive software solutions and IT services. The company offers a wide range of products including Enterprise Resource Planning (ERP) software, which caters to financial accounting needs, warehouse management, customer relationship management (CRM), human capital management, and business intelligence.
In addition to reselling these software products, SilverSun offers various value-added services such as training, technical support, and professional consulting. The company also provides managed services, cybersecurity solutions, business continuity planning, disaster recovery, data back-up solutions, network maintenance, service upgrades, and application hosting services. These offerings are tailored to small and medium-sized businesses across diverse sectors, including manufacturing, wholesale, and distribution.
Founded initially as Trey Resources, Inc., the company rebranded to SilverSun Technologies, Inc. in June 2011. It has grown significantly since then, demonstrating strong financial performance and consistent annual growth. The recent acquisition of JCS Computer Resource Corporation has further expanded its customer base, particularly in the Midwest region.
The company's financial highlights for the third quarter of 2023 revealed a 22.2% increase in total revenues, reaching $39.8 million. Operating income also saw a substantial rise, with $1.25 million compared to a loss from the previous year. These results underscore SilverSun's ability to scale effectively and improve operating margins despite challenges such as high inflation.
Significant recent developments include the termination of a merger agreement with Rhodium Enterprises, which resulted in a one-time charge of approximately $3 million. Nonetheless, the company remains on a strong financial footing, poised for continued growth. An investment agreement with Jacobs Private Equity II, LLC, announced in December 2023, will inject $1 billion into SilverSun, transforming it into a platform for significant acquisitions in a yet-to-be-announced industry.
Looking forward, SilverSun Technologies is well-positioned for success with a robust team, extensive resources, and a solid financial foundation. The company aims to continue to deliver positive operating results and expand its market share in the coming years.
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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