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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 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.
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