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.
SilverSun Technologies (NASDAQ: SSNT) has launched a new IT security and compliance division via its subsidiary, SWK Technologies, to assist over 5,000 customers in achieving regulatory compliance. This division aims to deliver innovative compliance solutions, including audits, vulnerability remediation, and tailored advice to enhance network security. CEO Mark Meller emphasized the importance of security in today's regulatory landscape, predicting sustained demand for these services. SWK Technologies has been recognized in the CRN® 2021 MSP 500 list for five consecutive years.
SilverSun Technologies, Inc. (NASDAQ:SSNT) announced its acquisition of the human capital management (HCM) division of PeopleSense, Inc., a prominent Sage Software reseller. This strategic move enhances SWK Technologies, a SilverSun subsidiary, which has become a significant Sage partner in North America. The acquisition aims to bolster SWK's HCM capabilities, responding to increased demand for HCM solutions amid the COVID-19 pandemic. The transaction is expected to close in Q2 2021, pending customary conditions.
SilverSun Technologies (NASDAQ:SSNT) reported strong financial results for Q4 and the full year 2020. Q4 revenue increased by 13.5% to $11,308,787, with gross profit rising 27.2% to $4,736,117. For 2020, total revenue reached $41,220,406, a 7.1% increase year-over-year, and gross profit also increased 12.9% to $16,578,981. Earnings per share improved from a loss of $0.33 in 2019 to a profit of $0.04 in 2020. The company achieved a gross margin of 40.2% and reported cash of $6,595,416 as of year-end.
SilverSun Technologies, Inc. (NASDAQ:SSNT) announced the signing of a letter of intent to acquire CT-Solution, Inc., a leading reseller of Sage Software solutions. This acquisition, expected to close in Q2 2021, aims to enhance SWK Technologies' geographic footprint and customer base. Both companies share a significant history of collaboration, positioning them for a smooth integration. The deal is anticipated to provide numerous opportunities for digital transformation and cloud migration for existing CT customers, enhancing overall service delivery.
SilverSun Technologies, Inc. (NASDAQ:SSNT) has declared a special cash dividend of $0.40 per share, payable on December 28, 2020, with a record date of December 21, 2020. This decision reflects the company's commitment to rewarding shareholders as it executes its business plan. However, future dividends will depend on the company's cash requirements and financial performance, emphasizing a cautious approach to distribution.
SilverSun Technologies, Inc. (NASDAQ:SSNT) reported third-quarter results for 2020, showcasing a modest revenue rise of 0.5% to $10,159,152. While software sales saw a decline of 12.2% to $1,639,245, service revenues increased by 3.4%. The company achieved a net income of $55,205, a stark improvement from a loss of $949,873 in 2019. For the nine months ending September 30, total revenues rose 4.8% to $29,911,619. SilverSun also consolidated its services and made a strategic acquisition aimed at expanding its footprint in the Midwest.
SilverSun Technologies reported second quarter results for the period ending June 30, 2020, showcasing a 6.1% increase in revenues to $9.67 million compared to the prior year. Software sales surged 35.2% to $1.93 million. EBITDA turned positive at $220,486, a significant improvement from a loss of $170,061 in 2019. However, for the six-month period, they recorded a net loss of $258,601, comparing unfavorably to a profit of $93,146 in the previous year. As of June 30, the company held $6.86 million in cash.
SilverSun Technologies, Inc. (NASDAQ: SSNT) has acquired Prairie Technology Solutions Group, LLC, a Chicago-based managed services provider. This strategic acquisition enhances SilverSun's subsidiary, SWK Technologies' geographic reach and expands its customer base. CEO Mark Meller emphasized the acquisition will facilitate SWK's expansion into new regions, including Phoenix and Southern California. The integration is expected to strengthen SWK’s position in the managed services sector and build upon its recognized industry achievements.
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