|SilverSun Technologies, Inc. (SSNT) Inks Letter of Intent to Acquire Leading Software Reseller|
SilverSun Technologies announced before the opening bell today that its wholly owned subsidiary, SWK Technologies, the premier total solutions provider specializing in business software solutions, has entered into a letter of intent to acquire the assets of Hightower, Inc., a Chicago-based reseller of Sage Software products. Completion of the acquisition is anticipated to add more than $3,000,000 in annualized revenue while being immediately accretive to SilverSun’s earnings.
Founded in 1987, Hightower has installed systems at prominent companies throughout the Chicago region. The transaction, which is subject to the signing of definitive agreements and customary closing conditions, is expected to close within the next 30 days.
Mark Meller, CEO of SilverSun, stated, “Hightower has a tremendous reputation spanning several decades as a valued Sage business partner and developer. The company has a solid revenue stream, widely used enhancements, and an established customer base.“
“This transaction gives us critical mass, positioning us as one of the largest resellers of Sage Software in the United States,” added Meller. “With our management talent, in-house expertise, and financial resources, we are confident that the combined companies will be able to accelerate sales and earnings growth. The acquisition, which will be funded by SilverSun’s existing financing facilities on a non-dilutive basis to existing shareholders, is the second we have announced in 2012. We continue to execute our business plan to increase value for our shareholders by increasing sales and acquiring companies on an opportunistic basis.”
Jeffrey D. Roth, CEO of SWK Technologies, commented, “This transaction makes SWK Technologies a dynamic force with significant market presence in the Midwest. Hightower has a catalog of proprietary enhancements, including TimeKeeper, Point of Sale Professional, Multi-Bin Advanced Distribution and others, which will significantly increase SWK’s catalog of proprietary software and intellectual property. Our shared commitment to putting clients first ensures Hightower’s client base will continue to receive superior service, and we are very excited about the future.”
For more information, visit SilverSun’s Web site at www.silversuntech.com
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