SWK Technologies, Inc., an IT consulting company, recently signed a letter of intent to acquire the assets of Chicago-based Sage business partner, Hightower, Inc., including its customers and intellectual property.
For the past 25 years, Hightower has served the Midwest region as a major reseller of Sage ERP 100. Hightower has offered installation and support services for business applications systems to numerous leading companies throughout the Chicago area.
“Hightower has a tremendous reputation and has been a valued Sage business partner and developer for several decades,” said Mark Meller, CEO of SilverSun. “The company has a solid revenue stream, widely-used enhancements and an established customer base.”
The transaction, which is expected to close within the next 30 days, is forecasted to add more than $3 million in annual revenue to SWK, a wholly-owned subsidiary of SilverSun Technologies, Inc. The deal is contingent upon the definitive agreements and customary closing conditions being signed. Specific details regarding the transaction have not been disclosed.
“This transaction makes SWK Technologies a dynamic force with significant market presence in the Midwest. Hightower has a catalog of proprietary enhancements, including TimeKeeper, Point of Sale Professional, Multi-Bin Advanced Distribution, which significantly increases SWK’s catalog of proprietary software and intellectual property,” stated Jeffrey D. Roth, CEO of SWK Technologies. “As a leading partner of SWK’s MAPADOC Integrated EDI solution, we are already quite comfortable working with the Hightower clients; we are very excited about the future."