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ABORTED MERGER TRIGGERS SILVERSUN LOSS Featured

The aborted merger with bitcoin miner Rhodium pushed SilverSun Technologies, parent to reseller SWK Technologies, to a sharply higher loss for the year ended December 31.

Deal-related expenses of nearly $3 million offset operating income to produce a 2023 loss of $1.1 million, compared to a loss of $282,219 the prior year. SilverSun had $1.8 million in operating income last year, a substantial improvement from a loss of $385,379 for 2022.The company had a very good year with revenue rising 21.2 percent to $54.5 million from slightly less than $45 million. SilverSun experienced strong growth with both product sales and services last year. Product sales for 2023 were $14.1 million, an increase of 19.8 percent from $11.8 million for 2022. Services revenue last year of $40.4 million was 21.6-percent higher than the $33.2 million the prior year. SilverSun cited the performance of its ERP product line, Acumatica and Sage Intacct, as behind the improvements. This should be the last time the ERP company reports publicly as SilverSun has been acquired by investor Brad Jacobs, who will rename it QXO, whose stock will be listed on NASDAQ. The reselling business headed by CEO Mark Meller will be spun off as SilverSun Holdings, whose shares will trade on the OTCQX tier of the OTC Market.

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