SilverSun Tech (NASDAQ:SSNT) stock is on the rise Thursday after revealing a letter of intent to acquire CT-Solution.
SilverSun Tech’s subsidiary SWK Technologies will be responsible for acquiring CT-Solution. The deal is beneficial for SilverSun as it expands its footprint into the Midwest. CT-Solution has agreements with several businesses in this area.
CT-Solution specifically serves as a reseller of Sage Software. That’s worth noting as SWK Technologies handles this software as well. It’s already one of the largest Sage business partners in North America without taking into account this deal.
Mark Meller, CEO of SilverSun Tech and SWK Technologies, said this about the news boosting SSNT stock up today.
“CT and SWK have worked closely with each other for several years, and are ideal fits for each other. Our organization has been actively engaged with the CT customers for some time, and we are excited to now have the opportunity to help them with their digital transformation as they migrate to the cloud, secure their data, work remotely, and automate their business processes. We expect the transition and integration to be quick and seamless.”
SilverSun Tech doesn’t reveal the financial details of the deal. What it does say is that it expects it to close in the second quarter of 2021.
News of the deal increased interest in SSNT stock on Thursday. As of this writing, more than 11 million shares of the stock have changed hands. That’s quite the increase over its daily average trading volume of only about 143,000 shares.
SSNT stock was up 13.7% as of Thursday afternoon and is up 174.5% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.