SilverSun (SSNT) trades up 72% on Acumatica acquisition
22:35, 15 November 2021
Shares reached as high as $9.60 per share in morning trading before moving lower in the afternoon to close at $6.70, a 20.51% increase from Friday’s $5.56 closing price.
Trading volume topped 36.6 million shares Monday, versus a 19.767 daily average, according to data maintained by Nasdaq. SilverSun Technologies trades on the Nasdaq exchange under the ticker SSNT.
SilverSun to engage Puerto Rico, Caribbean
East Hanover, New Jersey-based SilverSun is a software reseller and consulting firm with operations concentrated primarily in the metro New York, Chicago, Arizona, southern California, North Carolina, Oregon and Washington states. The acquisition gives SilverSun greater exposure across the US, as well as entry into Puerto Rico and the Caribbean, the company noted in a release.
“We are very excited about this acquisition. Our Acumatica customer base will increase by roughly 30% as a result of this transaction, and we will be onboarding talented and experienced resources to help us further scale our business,” said SilverSun CEO Mark Meller in the release. “We are looking forward to having them join us as we continue to rapidly expand our cloud practices."
Last week SilverSun aggreed to sell its Sage X# software support operations to Net@Work for $250,000 and shared revenues for up to five years.
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