SOURCE: SilverSun Technologies, Inc.
LIVINGSTON, NJ--(Marketwire - Oct 5, 2012) - SilverSun Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT) today announced that its wholly owned subsidiary, SWK Technologies, Inc., a preferred source for best-of-breed business management applications and professional consulting services, has signed a letter of intent to acquire Information Systems Management, Inc. (ISM), one of the nation's top resellers of enterprise, accounting and customer relationship management software solutions. Notwithstanding any unexpected delays, SWK anticipates closing the acquisition of ISM on or before January 1, 2013.
Mark Meller, Chairman and Chief Executive Officer of SilverSun, stated, "Our acquisition of ISM should represent further validation that great companies can be brought together so that the combination of their respective strengths will promote broader market penetration, more rapid growth in sales, enhanced operating efficiencies and shorter new product development cycles than each company could deliver on its own. Moreover, this acquisition is expected to significantly enhance SilverSun's consolidated revenues and earnings outlook for the coming year and provide our Company with a coast-to-coast national presence that can be leveraged to attract new business and other complementary acquisition opportunities to us."
Headquartered in Portland, Oregon, with offices in Phoenix, Sacramento, San Diego, San Francisco and the Washington D.C. metro area, ISM generated total revenues of $5.7 million in 2011, and is on pace to book approximately $6.2 million in sales in 2012. Since its founding in 2001, ISM has worked with more than 500 companies of all sizes operating within a wide range of industries, including Agriculture, Construction, Distribution, Engineering, Entertainment/Hospitality, Finance, Industrial Goods, Manufacturing, Marketing, Media, Professional Services, Real Estate, Retail, Software and Technology. Its talented staff of professionals is qualified to support all major areas of business technology including Customer Relationship Management (CRM), Accounting and operations (ERP) and Human Resource Management and Payroll (HRMS). In addition, the firm also implements the most widely used business and software applications on the market, including Sage 100 ERP, Sage 300 ERP, Sage 500 ERP, Sage ERP X3, Sage CRM, Sage SalesLogix and Microsoft Dynamics CRM.
In closing, Meller added, "We have known and respected the team at ISM for many years, and have been impressed with the sound and trusted reputation that they have built in our industry. Further, it is clear that SWK and ISM share the same core values and business building principles, so we are confident that, together, we can fully optimize our combined strengths and advance our efforts to become a dominant force in the market."
About SilverSun Technologies, Inc.
Headquartered in Livingston, New Jersey, SilverSun Technologies is involved in the acquisition and build-out of technology and software companies engaged in providing best of breed management applications and professional consulting services to small and medium size businesses (SMBs) in the manufacturing, distribution and service industries. Serving as SilverSun's principal operating subsidiary, SWK Technologies, Inc. employs a national direct sales and consulting team currently serving a growing customer base spanning the U.S. and Canada. For more information, please visit www.silversuntech.com, www.swktech.com or www.mapadoc.com.
This press release may contain forward-looking statements, including information about management's view of SilverSun Technologies' future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of SilverSun Technologies, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on SilverSun Technologies' future results. The forward-looking statements included in this press release are made only as of the date hereof. SilverSun Technologies cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SilverSun Technologies undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by SilverSun Technologies.