SilverSun Technologies (SSNT) Stock: Why The Price Surged Today

By Amit Chowdhry ● Nov 15, 2021
  • The stock price of SilverSun Technologies Inc (NASDAQ: SSNT) increased by over 30% during intraday trading today. This is why it happened.

The stock price of SilverSun Technologies Inc (NASDAQ: SSNT) – a national provider of transformational business software applications and managed IT services – increased by over 30% during intraday trading today. Investors are responding positively to SilverSun Technologies announcing that its wholly-owned subsidiary SWK Technologies has signed a letter of intent to buy the Acumatica division of Dynamic Tech Services, a leading Atlanta-based reseller of Acumatica ERP software solutions. Over the past 10 years, Dynamic Tech Services has sold and implemented Acumatica solutions to clientele spanning over half of the United States, Puerto Rico and the Caribbean.

SWK Technologies is known as one of the largest Acumatica business partners in North America, and was Partner of the Year in 2018 and 2019, and Distribution Partner of the Year in 2020. And SWK is focused on enabling the digital transformation of its over 5000 customers, and the cloud-based Acumatica ERP solution is an important part of its product portfolio.

It is anticipated that the transaction — which is subject to the signing of definitive agreements and customary closing conditions — will close by year end.

KEY QUOTES:

“We are very excited about this acquisition. Our Acumatica customer base will increase by roughly 30% as a result of this transaction, and we will be onboarding talented and experienced resources to help us further scale our business. Joel Gress and his team have been part of the Acumatica ecosystem for over 10 years, and we are looking forward to having them join us as we continue to rapidly expand our cloud practices.”

— Mark Meller, CEO of both SilverSun and SWK Technologies

“Our companies have worked jointly together in the past, and we know each other well. The customer‐focused approach and corporate culture at SWK is very similar to ours. The skill set of their team is exceptional, and both companies share the same corporate values. There are tremendous opportunities ahead, and the size and scale of the combined organizations will enable SWK to take full advantage of these opportunities.”

— Joel Gress

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.