Benzinga | Mar 30, 2021 07:28AM EDT

SilverSun Technologies Signs Letter Of Intent To Acquire Human Capital Management Division Of PeopleSense; Terms Not Disclosed

SilverSun Technologies, Inc. (NASDAQ:SSNT), a national provider of transformational business software applications and managed IT services, announced today that its wholly-owned subsidiary, SWK Technologies, Inc., has signed a letter of intent to acquire the human capital management ("HCM") division of PeopleSense, Inc. ("PS") , a leading Chicago-based reseller of Sage Software's human resource management solutions. Over the last 18 years, PeopleSense has implemented HCM solutions to clientele spanning over half of the United States, Canada, Puerto Rico and the U.S. Virgin Islands.

SilverSun's subsidiary, SWK Technologies, is one of the largest Sage business partners in North America. While its focus has historically been on enterprise resource planning (ERP), warehouse management systems (WMS), business intelligence (BI), customer relationship management (CRM) and other applications, the Company established an HCM division in 2018 to better serve its over 5000 customers with a broader range of technology solutions. Since then, SWK's HCM division has developed into one of the fastest growing divisions in the entire company.

Mark Meller, CEO of both SilverSun and SWK, stated, "The COVID-19 pandemic has given rise to HCM projects and challenges that were unanticipated, accelerating the transformational impact of new technologies. Covid has resulted in remote work becoming the new normal, making HCM an even more critical tool for our customers as they need to increase the use of technology to track employees, to connect and communicate with employees and support their development and well-being, and to conduct workforce planning and to redeploy employees."

James Castellano, President of PeopleSense, commented, "Our companies have worked jointly together in the past, and we know each other well. The customerfocused approach and corporate culture at SWK is almost identical to ours. The skill set of their team is exceptional, and both companies share the same corporate values. There are tremendous opportunities ahead, and the size and scale of the combined organizations will enable SWK to take full advantage of these opportunities."

It is anticipated that the transaction, which is subject to the signing of definitive agreements and customary closing conditions, will close in the second quarter of 2021.