SilverSun Technologies Inc. (SSNT) said Monday Jacobs Private Equity II LLC agreed to invest $1bn in cash into the company including money from co-investor Sequoia Heritage and others.
Jacobs Private Equity II will become the majority stockholder of SilverSun with its leader, Brad Jacobs, as chief executive. SilverSun will spin off its existing business to shareholders, with the remaining company becoming a “standalone platform for significant acquisitions in an industry to be announced soon,” the company said. The platform company’s name has yet to be determined. “I’m excited to start building another multibillion-dollar company from scratch,” Jacobs said.
SilverSun Technologies stock is up 24% so far in 2023, compared to a 36.7% increase by the Nasdaq . Based in New Jersey, SilverSun is a business application, technology and consulting company.
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SilverSun Technologies Inc. is a business application, technology, and consulting company that provides strategies and solutions to meet their clients’ information technology and business management needs. The company is headquartered in East Hanover, New Jersey, and has been in business since 1988. SilverSun Technologies has a dedicated network services practice that provides managed services, cybersecurity, application hosting, disaster recovery, business continuity, cloud, and other services.
SilverSun Technologies is a publicly traded company on the Nasdaq exchange under the symbol SSNT. The company has a market capitalization of approximately $1bn. SilverSun Technologies has a strong track record of financial performance. In 2022, the company had revenue of $234m and net income of $18m.
Jacobs Private Equity II LLC is a private equity firm founded by Brad Jacobs, the chairman and CEO of XPO Logistics, a global logistics company with over $15bn in revenue. Jacobs Private Equity II LLC has a focus on investing in underperforming or distressed companies with the potential for significant growth. The firm has a strong track record of success, having invested in and exited several companies that have gone on to achieve significant growth.
Source: Morningstar
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