SilverSun Technologies, a provider of business management applications and consulting services, reported a 21.2% increase in annual revenues, reaching $54.5 million for the year ended December 31, 2023, up from $45 million in the previous year. The growth was primarily driven by professional consulting services and software sales, with ERP software sales for Acumatica and Sage Intacct being notably strong. Despite the revenue increase, the company experienced a net loss of $1.07 million, compared to a net loss of $282,219 in the previous year, largely due to a $2.99 million expense related to the termination of a merger agreement. Gross profit rose by 20.3% to $21.6 million, with a slight decrease in gross profit percentage from 39.9% to 39.6%. Operating expenses increased, with selling and marketing expenses up by 14.3% and general and...Show More

SilverSun Technologies, a provider of business management applications and consulting services, reported a 21.2% increase in annual revenues, reaching $54.5 million for the year ended December 31, 2023, up from $45 million in the previous year. The growth was primarily driven by professional consulting services and software sales, with ERP software sales for Acumatica and Sage Intacct being notably strong. Despite the revenue increase, the company experienced a net loss of $1.07 million, compared to a net loss of $282,219 in the previous year, largely due to a $2.99 million expense related to the termination of a merger agreement. Gross profit rose by 20.3% to $21.6 million, with a slight decrease in gross profit percentage from 39.9% to 39.6%. Operating expenses increased, with selling and marketing expenses up by 14.3% and general and administrative expenses rising by 7.9%. The company also highlighted its strategy of increasing monthly recurring revenue through up-selling and cross-selling advanced technologies and third-party add-ons. SilverSun Technologies recently secured a $1 billion equity investment, with JPE becoming the controlling shareholder and Brad Jacobs appointed as Chairman and CEO. The company plans to continue its growth through acquisitions, revenue sharing arrangements, partnerships, or investments. SilverSun Technologies also terminated a merger agreement with Rhodium Enterprises and is seeking additional operating income opportunities.