SilverSun Technologies Inc (SSNT)

[QualityStocks]

SSNT to Acquire HighTower through SWK Subsidiary

SilverSun’s wholly owned subsidiary, SWK Technologies, recently announced signing of a letter of intent to acquire the assets of HighTower, Inc., a leading reseller of Sage Software products in the Chicago area. SWK is a Sage Software Authorized Business Partner, Sage Certified Gold Development Partner, Sage Certified X3 Partner, and Sage Authorized Training Center, and comprises the largest part of the operations of SilverSun Technologies, which is involved in the acquisition and build-out of technology and software companies.

HighTower designs and implements accounting systems for a variety of industries, based on Sage Software, SYSPRO, and NetSuite. The company has installed systems at major companies throughout the Chicago area, and has earned its reputation as a high-tech industry leader through the enhancements developed for Sage MAS 90 software. HighTower has a catalog of proprietary enhancements, including TimeKeeper, Point of Sale Professional, Multi-Bin Advanced Distribution, and others, which will add significantly to SWK’s portfolio of solutions. Although the exact terms of the transaction were not disclosed, the acquisition by SWK, planned to close very soon, is expected to add more than $3 million in yearly revenue to SilverSun’s earnings.

SilverSun CEO, Mark Meller, said of the deal: “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. 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.”