SilverSun Technologies Sells MAPADOC EDI Division
August 27 2019 - 8:30AM
via NEWMEDIAWIRE --
SilverSun Technologies, Inc. (NASDAQ:
SSNT), a national provider of transformational business technology
solutions and services, today announced that its wholly-owned
subsidiary, SWK Technologies, Inc., has sold its MAPADOC EDI
division, including all related intellectual property, to SPS
Commerce, Inc. (NASDAQ: SPSC), a leader in retail cloud
services.
The purchase price was $11.5 million cash.
Mark Meller, CEO of the Company, stated, “We have had a long and
profitable partnership with SPS for many years. Our teams
work seamlessly together, and both organizations focus on
delivering the best customer experience possible. This
transaction ensures that our team, our customers and our partners
will continue to be part of an ecosystem headed by a world-class
organization intent on continuing the long tradition of excellence
and service SWK Technologies has established over the years.”
Meller continued, “The sale of the division gives us the
resources to rapidly accelerate our growth plans, which centers
around providing products and services to our SMB (small and
medium-sized business) customers that enable the digital
transformation of their companies. Our focus is on increasing
our monthly recurring revenue (“MRR”), and on increasing MRR as a
percentage of total revenue. The Benchmark Company, a
prominent investment bank who advised our independent Board members
regarding this transaction, has been retained to assist us in
identifying acquisition candidates which will help us achieve these
goals, particularly within the realms of software publishing and IT
services.”
“In addition, we are committed to funding and accelerating the
growth of our existing in-house initiatives. Our subsidiary,
Secure Cloud Services, Inc. (SCS), which provides application
hosting and Infrastructure-as-a-Service (IaaS), has tripled in size
in the past 12 months. SCS is the only cloud
application hosting solution in its market supported by a security
operations center (SOC) to aggressively and proactively protect
customer applications and data from cybersecurity threats.”
“Our Partner Success Program (PSP), SWK’s proprietary version of
Sage Software’s Partner Advocate Program, has increased the number
of customers operating under the SWK umbrella by over 2500
customers in the past 18 months. Finally, our IT managed
service division, which was recently named one of the premier
managed service providers in the U.S. in the Channel Futures MSP
501 rankings, has delivered a compound annual growth rate of 36%
since 2015, and has significant opportunities to continue that
growth.”
Meller concluded, “We are pleased to have created value for all
our stakeholders with this transaction. It will help fuel the
Company with additional resources to more rapidly realize our
strategic goals and enable us to maximize our returns. We
will be providing additional updates as we proceed forward with the
aggressive pursuit of our acquisition strategy.”
About SilverSun Technologies, Inc.
We are a business application, technology and consulting company
providing strategies and 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, Customer Relationship Management, and Business
Intelligence. Additionally, we have our own development staff
building software solutions for time and billing, and various ERP
enhancements. Our value-added services focus on consulting and
professional services, specialized programming, training, and
technical support. We have a dedicated network services practice
that provides managed services, hosting, business continuity,
cloud, e-mail and web services. Our customers are nationwide, with
concentrations in the New York/New Jersey metropolitan area,
Chicago, Dallas, Arizona, Seattle, Greensboro, and Southern
California.
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
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