SWK Signs Letter of Intent to Acquire Hightower's Assets
Posted by accountingweb on 0 267
SWK Technologies, Inc., a wholly-owned subsidiary of SilverSun Technologies, Inc. (OTCBB: SSNT), announced it has signed a letter of intent to acquire the assets of Hightower, Inc., a Chicago-based Sage business and development partner. This includes the customers and intellectual property of Hightower. Since 1987, Hightower has been a reseller of Sage ERP 100 in the Midwest region. Hightower has installed and supported business applications systems at companies throughout Chicago.
The deal is forecast to add more than $3 million in annualized revenue to SWK. The transaction, which is subject to the signing of definitive agreements and customary closing conditions, is expected to close within the next thirty days. The terms of the transaction were not disclosed. More information on Hightower can be found at www.hightowerinc.com.
Jeffrey D. Roth, CEO of SWK Technologies, stated, "Hightower has a catalog of proprietary enhancements, including TimeKeeper, Point of Sale Professional, and Multi-Bin Advanced Distribution, which increases SWK's catalog of proprietary software and intellectual property. As a partner of SWK's MAPADOC Integrated EDI solution, we are already quite comfortable working with the Hightower clients; we are very excited about the future."
Mark Meller, CEO of SilverSun, said, "Hightower has . . . been a valued Sage business partner and developer for several decades. The company has a solid revenue stream, widely used enhancements, and an established customer base."
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