|SilverSun Technologies, Inc. (SSNT) Adds $3 Million in Annual Revenues and Expands Market Presence with Asset Purchase of Chicago-Based Hightower|
Just two weeks after announcing the asset acquisition of Micro-Point, SilverSun Technologies announced this morning that it has successfully completed the asset purchase of HighTower, Inc., a leading Chicago-based reseller of Sage software applications and a publisher of proprietary business management software enhancements. Hightower’s customers and business products and services will be integrated into the infrastructure of SWK Technologies, SilverSun’s principal operating subsidiary. In anticipation of this asset purchase, SWK has provided technical support and a variety of consulting services since late March to all Hightower clients and to the many Sage business partners who support their ERP enhancements.
“We are very pleased to have completed the purchase of Hightower,” stated Mark Meller, CEO of SilverSun Technologies. “Among other strategic benefits, this brings SilverSun and SWK approximately $3 million in additional annual revenues (based upon 2011 results), approximately 870 additional Sage ERP customers, an impressive suite of proprietary enhancement software solutions (with approximately 700 users) and a much deeper market penetration in the Midwest. Moreover, we look forward to leveraging Hightower’s established network of independent resellers to further expand distribution of SWK’s proprietary software solutions, and vice versa. This acquisition marks an important milestone for SilverSun, and one that should have notable impact on our revenue and earnings growth in 2012 and well beyond.”
Established in 1987, Hightower is a software industry leader that has supplied integrated technology systems and mid-market solutions for businesses across the country. In addition, it has been engaged in developing proprietary software, bringing to market a robust suite of enhancement products which effectively integrate with and complement Sage 100 ERP solutions. For the past seven years, Hightower has been ranked as a “Top 100 Value Added Reseller” by Accounting Today magazine; and for the last eight consecutive years, the publication has awarded the Company its Technology Pacesetter Award.
According to today’s press release, the cash-only acquisition of select Hightower assets was funded by SilverSun’s existing financing facilities on a non-dilutive basis to existing shareholders. Investors who wish to get more information on the transaction should refer to the 8-K filed by SilverSun with the U.S. Securities and Exchange Commission.
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