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SilverSun Technologies, Inc. (SSNT) Subsidiary Signs Letter Of Intent To Acquire VICOR

|Includes: SilverSun Technologies, Inc. (SSNT)

SilverSun Technologies, a business technology solutions and services provider, reports that its operating subsidiary SWK Technologies has signed a Letter of Intent to acquire VICOR Business Services, Inc., a financial and business management consulting services company specialized in compliance-oriented federal contracting with U.S. government agencies.

VICOR will contribute its expertise in project management and time-based systems supporting FAR and CAS compliance for commercial firms as well as OMB Circular compliance for grants management. The company is experienced in helping clients pass Federal Contracting audits with DCAA and other audit agencies, among other relative functions.

VICOR offers a full line of Sage, Infor, and Dynacom in addition to its own proprietary business management solutions to small-sized and mid-sized businesses. The company also provides a broad range of technical services, training, and support to its customers. VICOR generated revenues of more than $1.2 million 2012,

"This potential acquisition will further strengthen SWK's national presence and materially enhance the company's depth of specialized expertise in key niche sectors of the business management solutions marketplace," Mark Meller, chairman and CEO of SilverSun stated in the press release.

Jeffrey D. Roth, CEO of SWK, added that the acquisition will help fulfill three key goals for the company: "geographic expansion of SWK into the nation's capital region; expansion of proprietary product and service offerings; and the addition of highly specialized consultative expertise and experience in ensuring compliance with complex procurement rules and regulations for those clients conducting business with the Federal government."

The companies anticipate signing a definitive agreement on or before July 31, 2013. Financial details of the transaction were not disclosed.

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