LIVINGSTON, N.J., Oct. 20, 2015 (GLOBE NEWSWIRE) -- SilverSun Technologies, Inc. (OTCQB:SSNT) (OTCBB:SSNT) announced today that its wholly owned subsidiary, SWK Technologies, Inc., a national provider of transformational business technology solutions and services, closed on the acquisitions of Oates & Co., LLC, a leading North Carolina-based reseller of Sage and Acumatica applications, and The Macabe Associates, Inc., a leading Seattle-based developer and reseller of Sage and Acumatica applications.
The two acquisitions are expected to add roughly $3.5 million in incremental revenue to the Company in 2016.
The Company also announced that it has sold the intellectual property and associated assets for its BeerRun application to an unaffiliated third party.
Mark Meller, CEO of SilverSun, stated, "We are happy to announce the closing of these two acquisitions. The new geography, the new people and their skill sets, and the intellectual property we have acquired in these transactions will provide us with the additional resources we require to maintain our aggressive growth plans for 2016 and beyond. We have now completed 4 acquisitions this year, and anticipate that we will be operating at a run rate in excess of $30 million by the end of 2015. We are excited about the opportunities available to us in the coming year.”
Jeffrey D. Roth, Chief Executive Officer of SWK Technologies, commented, “As we grow, we continue to evaluate the products and services we offer, making certain that they are properly aligned with our strategic focus. Following that analysis, we determined that BeerRun was no longer a core product offering for the Company, and we therefore divested the solution. Our evaluation process is ongoing, and there may be other such transactions in the future. In addition, we continue to develop new intellectual property, and look forward to bringing some exciting new products to the marketplace in the coming months.”
About SilverSun Technologies, Inc.
SilverSun Technologies is involved in the acquisition and build-out of technology and software companies. The Company's growth strategy is to acquire firms in the extensive and expanding, but highly fragmented, business solutions marketplace, as it seeks to create substantial value for shareholders. Since June 2004, SilverSun has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, AMP-BEST Consulting, Inc., Hightower, Inc., ESC Software, Inc., Accounting Technologies Resources, Inc., ProductiveTech, Inc., Oates & Co., and The Macabe Associates.. Through its subsidiaries, the Company offers an array of accounting and business management products, including its own proprietary software, as well as a wide range of managed network services and cloud services.
For additional information, visit SilverSun's corporate website: www.silversuntech.com.
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.