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SILVERSUN RAMPS UP FOR 2018 Featured

swkSilverSun Technologies, parent to reseller SWK Technologies, saw taxes cut into its bottom line for the year December 31. But it also increased selling and marketing expenses as it added sales people, “in anticipation of accelerated growth in 2018.”

The company lost $486,469 for the most recently ended year, compared to net income of  $3.4 million for 2016. Like many companies, the tax provision change as  SilverSun adjusted to new tax laws, which resulted in a $1.1 million impairment to its deferred tax asset. The tax expense for 2017 was $1.4 million, compared to a tax benefit of $2.2 million the prior year. Revenue reached $34.9 million, up 2.1 percent from $34.1 million the prior year. The company’s Form 10-K cited a number of products as contributing to results: Sage X3, NetSuite, Acumatica, Accellos Warehouse Management. In a prepared statement CEO Mark Meller said SilverSun plans to offer more SaaS products and advanced managed services. SilverSun also reported it paid Meller $664,682 last year, a 13.4-percent increase from $591,476 in 2016.

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