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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.
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.
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