SilverSun's business strategy centers on the acquisition and build-out of technology and software companies that offer best-of-breed business management applications and professional consulting services. The company focuses on small to medium-sized customers operating primarily in the manufacturing and distribution industries.
SilverSun's acquisition portfolio consists of five companies that are consolidated under the SWK brand: SWK Technologies Inc.; Business Tech Solutions Group Inc.; Wolen Katz Associates; AMP-BEST Consulting Inc.; and IncorTech.
SilverSun is on the path to fatten this portfolio, and currently has its eye on several other accretive acquisition targets that meet the company's defined M&A criteria. Additionally, SilverSun earlier this year signed a letter of intent to acquire HighTower Inc., a reseller of Sage business management software and owner of proprietary Sage ERP enhancement solutions.
Thus far, the company's acquisition targets have been right on the money. SilverSun's principal operating subsidiary, SWK Technologies, is the 15th largest reseller of Sage software solutions in the U.S. The subsidiary utilizes national sales and consulting teams to serve a current customer base reaching across 38 states and Canada.
SWK Technologies flexed its muscles in the second quarter of 2012 through strong marketing efforts to increase consulting services, network hardware sales, and service agreements. For full year 2011, SilverSun reported earnings per share of $0.58 on record revenues of approximately $10.5 million, an increase of 40% year-over-year compared to earnings per share of $0.13 on revenues of $7.4 million in 2010.
To maintain this momentum, the company will execute its growth-through-acquisition and product/service expansion strategy with the aim of accelerating its growth and achieving a five-fold increase in sales to more than $50 million within the next three years.
As of March 31, 2012, SunSilver had $99,952 in cash; $1.1 million in accounts receivable; zero long-term debt; and total stockholders' deficit of $839,623.
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