SilverSun Technologies announced that wholly owned subsidiary and business technology solutions provider SWK Technologies signed two non-binding letters of intent this week to acquire both North Carolina-based Oates & Co. and Seattle-based The Macabe Associates, both resellers of Sage and Acumatica applications.
The deal to acquire Oates, announced Monday, is expected to add more than $2.4 million in annual revenue while the Macabe acquisition, made public Thursday, is expected to pull in an extra $1 million in annual revenue. Both transactions, subject to the signing of definitive agreements and customary closing conditions, are expected to close on or before Sept. 30, 2015 and their terms were not disclosed.
In addition to bolstering SWK’s Sage and Acumatica practices, the Oates transaction will provide the technology company with a Southwest presence.
"Oates and its management team, including Chris Oates and John Shepperson, have a tremendous reputation spanning several decades as a valued Sage business partner,” stated SilverSun CEO Mark Meller, referencing the company’s president and director of business development, respectively. “The company has a solid revenue stream and a strong, established customer base. This transaction further solidifies our position as one of the largest resellers of Sage 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."
“We are excited to be joining SWK,” stated Chris Oates. “They have been a valued business partner of ours for many years. Oates is able to provide SWK with a presence in the Southeast, while SWK brings a wealth of resources, knowledge, and management that will allow us to continue to provide excellent support for our customers, increase opportunities for our employees and expand our business into new areas.”
The Macabe acquisition will also bolster SWK’s Sage and Acumatica’s channels, the third transaction to do so this year following the Oates deal and the company’s acquisition of Accounting Technology Resources in February. SWK also acquired managed services provider ProductiveTech in July.
With the Macabe deal, president and CEO Mary Abdian and her team will join SWK.
“This acquisition further enhances SWK’s position within the Sage and Acumatica ecosystems,” stated SWK Technologies CEO Jeffrey D. Roth. “Our management talent, in-house expertise, and financial resources will enable us to rapidly accelerate sales from the Macabe customer base. Furthermore, the addition of Mary Abdian and her team will provide us with additional development talent to create more proprietary applications and integrations. We are very excited about this acquisition, and the opportunities it provides us for future growth.”
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.
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