SilverSun Technologies, parent company of Sage mega-partner SWK Technologies, announces the completion of the acquisitions of Oates and Company and The Macabe Associates.
Both acquisitions were announced in late September, with Greensboro, NC based Oates & Company being announced September 21, 2015 and Seattle, WA based The Macabe Associates on September 24, 2015. According to the press releases Oates & Company is expected to add $2.4 million in revenues and The Macabe Associates is expected to add roughly $1 million for an estimated total of $3.5 million according to the release.
SWK Technologies was listed as number 25 on the Bob Scott VAR 100 with $22 million in revenues. With these acquisitions and the July 2015 acquisition of Productive Technologies the company expects to raise revenues to $27 million which would place them squarely in the top 20 of North American VARS.
It’s likely SWK Technologies should be ranked higher on the VAR 100 listing since most competitors self-report revenues while SWK Technologies, as a subsidiary of a public company, provides presumably more accurate audited financial reports.
SilverSun Technologies stated in a June 9, 2014 letter to shareholders that they expected to hit $50 million in revenues within the next 18 months, though that number appears to have been revised downward to $27 million according to the last earnings release which projected those year 2015 earnings.
News today that Sage uber partner SWK Inc (aka Silversun Technologies) intends to acquire VICOR Business Systems) for an undisclosed amount. The move is subject to the usual due diligence (remember that not all Silversun announcements have survived due diligence).
VICOR states $1.2 million in annual sales. They’re also a Sage, Info and Dynacom partner and offer some custom enhancements for the governmental market.
Until I know more I’m marking this down as a diversification move for Silversun/SWK.
Jeffrey D. Roth, Chief Executive Officer of SWK, added, “The acquisition of VICOR will help to fulfill three key growth objectives for our Company: geographic expansion of SWK into the nation’s capital region; expansion of our proprietary product and service offerings; and the addition of highly specialized consultative expertise and experience in ensuring compliance with complex procurement rules and regulations for those clients conducting business with the Federal government. We look forward to quickly advancing our due diligence process so that we can conclude the transaction and welcome VICOR’s top notch people to SWK’s team of professionals.”
Subject to further due diligence and certain closing conditions, a definitive agreement is expected to be signed and the transaction completed on or before July 31, 2013. Detailed terms and conditions of the proposed transaction were not disclosed.
Sage partners SWK/Silversun Technologies and ISM today announced the deferral of their planned January 1, 2013 merger.
Both are very busy.
Mark Meller, Chairman and Chief Executive Officer of SilverSun, stated, “Simply put, there were too many hurdles to overcome in order to make our targeted closing date of January 1, 2013. Organization charts, tax issues, and rationalization of overhead expenses were just some of the myriad of issues that needed to be addressed. Rather than race to the finish line in chaotic fashion to try to make an artificial deadline, we have agreed with ISM to suspend our negotiations for now. We will revisit the transaction after the new year when we can address these issues in a more comfortable fashion.”
Jeffrey D. Roth, CEO of SWK, added, “The negotiation process has only heightened our admiration and respect for the entire team at ISM. It is clear that SWK and ISM share the same core values; we are confident that once we are merged together, we can fully optimize our combined strengths and become a dominant force in the market. We look forward to restarting the process in 2013.”
Whether this deal happens in 2013 is anyones guess though I’d be more confident that it would if the press release provided an extended deadline.
via: Accounting Today and Press Release
The obituary for Sage Partner Hightower Inc just appeared online in the form of a press release announcing the closing of a previously announced deal to purchase Hightower’s assets by New Jersey based SWK/SilverSun Technologies.
According to today’s press relase at the time of Hightower, Inc.’s death in March 2012 the company had:
.. approximately 870 additional Sage ERP customers, an impressive suite of proprietary enhancement software solutions (with approximately 700 users)..
As with most ugly deaths suspected to be largely self-inflicted, the cause of death was not disclosed.
Selling price will be out shortly in an anticipated 8-K filing by SilverSun which is public and has to disclose these types of things.
Full press release after the break.
Continue reading “Hightower Inc. Post-mortem: 850 Sage customers, 700 Enhancement users”