Benzinga | Mar 30, 2021 11:18AM EDT

SWK Technologies To Acquire PeopleSense's HCM Division For Undisclosed Sum

* Business software applications and managed IT services provider SilverSun Technologies Inc (NASDAQ: SSNT) subsidiary, SWK Technologies, Inc, has signed a letter of intent to acquire the human capital management (HCM) division of PeopleSense, Inc, a reseller of Sage Software's human resource management solutions.

* PeopleSense has implemented HCM solutions to clientele across over half of the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands.

* The financial terms of the transaction were not disclosed.

* The pandemic induced remote work further elevated the importance for HCM to track, connect, communicate and support employees, conduct workforce planning, and reorganize employees.

* SWK Technologies recently acquired Sage Software solutions reseller CT-Solution, Inc for an undisclosed sum.

* SilverSun held cash and cash equivalents of $6.6 million as of Dec. 31, 2020.

* Price action: SSNT shares traded higher by 0.36% at $6.55 on the last check Tuesday.