SilverSun Technologies announced that its wholly owned subsidiary SWK Technologies, provider of business technology solutions and services, signed a non-binding letter of intent to acquire fellow Sage and Acumatica reseller Accounting Technology Resources.
SilverSun expects the acquisition, which will close on or before Feb. 16, to add more than $1.5 million in annual revenue to the company, immediately accretive to its earnings. California-based ATR has implemented Sage and Acumatica solutions at companies statewide.
"Accounting Technology Resources (ATR) has a solid revenue stream and a strong, established customer base,” stated CEO Mark Meller. “This transaction further solidifies our position as one of the largest resellers of Sage, Acumatica, and Accellos software in the United States. We continue to execute on our business plan to increase value for our shareholders by increasing profitable sales and acquiring companies and technologies."
In the business of acquiring and building out technology and software companies, SilverSun Technologies has acquired SWK Technologies and a host of other business management software providers since 2004.
"This acquisition makes SWK Technologies a dynamic force with significant market presence in the West," stated Jeffrey Roth, CEO of SWK Technologies. "Further, the fact that both SWK and ATR have added Acumatica to their portfolios is an indicator that our business strategies are very much aligned. 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. Our shared commitment to putting clients' needs first ensures ATR's client base will continue to receive superior service. We are very excited about our future prospects."
The addition of ATR follows SWK’s acquisition of another Sage and Acumatica reseller, ESC Software, last May.
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