SilverSun Technologies, Inc. (SSNT) stock plummeted 8.96% in the after-hours trading session at the price of $6.10 after SWK Technologies acquired the Acumatica division of Dynamic Tech Services, Inc.
SSNT is a business administration, technology, and advising company. It provides IT solutions and software to meet customers’ business management and technology demands. Its technologies and services facilitate clients to maintain, preserve, and monetize their business assets in the Cloud or a hybrid cloud environment.
SilverSun Technologies Acquired Dynamic Tech Services
On 15th November 2021, SSNT published that SWK Technologies, its wholly-owned subsidiary, signed a letter to acquire Dynamic Tech Services, Inc. Dynamic Tech Services has sold and executed Acumatica solutions to clients all across Puerto Rico, the United States, and the Caribbean. The transaction is subject to customary closing conditions and has expected to close by year-end.
Management Comments
Chief executive officer of SSNT and SWK Technologies, Mark Meller, remarked that they are delighted about this acquisition. Their Acumatica client base will grow by 30% due to this transaction. For over ten years, Joel Gress and his management team have been part of the Acumatica. Meller welcomed their addition as the company keeps expanding its cloud applications.
SSNT Third Quarter 2021 Financial Results
On 9th November 2021, SSNT published its financial results for the three and nine months ended 30th September 2021 and provided corporate updates.
SSNT Third Quarter 2021 Results
For the third quarter of 2021, SSNT reported revenues of $10 million. Gross profit totaled $3.9 million for the third quarter of 2021. It represents a drop of 2.8% from $4.05 million for the same three months of 2020. The company reported a net loss of $0.24 million, or per basic and diluted share of $0.05, for the third quarter of 2021.
Nine Months Financial Results
SSNT reported revenues of $31 million for the nine months ended on 30th September 2021. Gross profit grew 9.4% to $12.9 million for the nine months of 2021. Net income totaled $0.24 million, or per basic and diluted share of $0.05, for the nine months of 2021.
