In a press release today, Silversun Technologies ( parent of SWK Technologies )
announces the sale of MAPADOC EDI for $11.5 million cash to SPS Commerce.
SilverSun Technologies, Inc. (NASDAQ: SSNT), a national provider of transformational business technology solutions and services, today announced that its wholly-owned subsidiary, SWK Technologies, Inc., has sold its MAPADOC EDI division, including all related intellectual property, to SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail cloud services.
The purchase price was $11.5 million cash.
Mark Meller, CEO of the Company, stated, "We have had a long and profitable partnership with SPS for many years. Our teams work seamlessly together, and both organizations focus on delivering the best customer experience possible. This transaction ensures that our team, our customers and our partners will continue to be part of an ecosystem headed by a world-class organization intent on continuing the long tradition of excellence and service SWK Technologies has established over the years."
Meller continued, "The sale of the division gives us the resources to rapidly accelerate our growth plans, which centers around providing products and services to our SMB (small and medium-sized business) customers that enable the digital transformation of their companies. Our focus is on increasing our monthly recurring revenue ("MRR"), and on increasing MRR as a percentage of total revenue. The Benchmark Company, a prominent investment bank who advised our independent Board members regarding this transaction, has been retained to assist us in identifying acquisition candidates which will help us achieve these goals, particularly within the realms of software publishing and IT services."
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Wayne Schulz - Schulz Consulting - 860-516-8990
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