SilverSun Technologies Signs Letter of Intent to Acquire CT-Solution, Inc.
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.
- Acquisition expected to expand SWK's geographic footprint.
- Increased customer base from CT-Solution's established clientele.
- Anticipated seamless integration based on prior collaboration.
- None.
EAST HANOVER, NJ / ACCESSWIRE / February 25, 2021 / SilverSun Technologies, Inc. (NASDAQ:SSNT), a national provider of transformational business software applications and managed IT services, announced today that its wholly-owned subsidiary, SWK Technologies, Inc., has signed a letter of intent to acquire CT-Solution, Inc. ("CT"), a leading Indianapolis-based reseller of Sage Software solutions. Over the last 20 years, CT-Solution has implemented technology applications at prominent manufacturers, distributors, and professional service organizations throughout the Midwest.
SilverSun's subsidiary, SWK Technologies, is one of the largest Sage business partners in North America. The acquisition of CT expands SWK's geographic footprint and increases its already substantial customer base. It is anticipated that the transaction, which is subject to the signing of definitive agreements and customary closing conditions, will close in the second quarter of 2021.
Mark Meller, CEO of both SilverSun and SWK, stated, "CT and SWK have worked closely with each other for several years, and are ideal fits for each other. Our organization has been actively engaged with the CT customers for some time, and we are excited to now have the opportunity to help them with their digital transformation as they migrate to the cloud, secure their data, work remotely, and automate their business processes. We expect the transition and integration to be quick and seamless."
Colleen Kuhn, President of CT, stated, "Our companies have worked jointly together in the past, and we know each other well. The customer‐focused approach and corporate culture at SWK is almost identical to ours. The skillset of their team is exceptional, and both companies share the same corporate values. We have tremendous opportunities in front of us, and the size and scale of the combined organizations will provide us with the resources to take full advantage of these opportunities. We're better together, and clients on both sides will benefit from this transaction."
About SilverSun Technologies, Inc.
We are a business application, technology, and consulting company providing software and IT solutions to meet our clients' information, technology, and business management needs. Our services and technologies enable customers to manage, protect and monetize their enterprise assets, whether on-premise or in the "cloud." As a value-added reseller of business application software, we offer 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. Our value-added services focus on consulting and professional services, specialized programming, training, and technical support. We have a dedicated network managed services practice that provides cybersecurity, application hosting, disaster recovery, business continuity, cloud, and other services. Our customers are nationwide, with concentrations in the New York/New Jersey metropolitan area, Chicago, Arizona, Southern California, North Carolina, Washington, and Oregon.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects -- both business and financial. Although we believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to SilverSun Technologies, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
CONTACT:
Corporate
Mark Meller
SilverSun Technologies, Inc.
973-758-6108
meller@silversuntech.com
SOURCE: SilverSun Technologies, Inc.
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FAQ
What is the purpose of SilverSun Technologies acquiring CT-Solution, Inc. (SSNT)?
When is the acquisition of CT-Solution expected to close?
How will the acquisition impact current CT-Solution customers?
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