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CLOUD SALES BOOST SILVERSUN Featured

Sales of cloud-based ERP products, which rose by 49.8 percent, spurred Silversun Technologies, parent of reseller SWK technologies, to a 7.9-percent increase in revenue for the year ended December 31. But the cloud also somewhat took away from that as the switch from desktop products led to a drop in maintenance revenue.

That led to a 1.9-percent decline in service revenue last year. Overall, Silversun lost $282,219 for 2022, compared to a loss of $134,434 for 2021. Last year’s revenue was slightly less than $45 million, compared with $41.7 million the prior year. Service revenue fell to $33.2 million from $33.8 million year over year. Software sales were $11.8 million in 2022, up from $7.9 million the prior year. The company, which carries Acumatica and Sage Intacct, did not specify how each product performed. It also cited an increase in sales of third-party packages, but again did not cite specific products. Among factors driving the loss was a 15-percent increase in sales and marketing expenses, which rose to $7.7 million from $6.7 million. The company said factors were increased sales commissions, higher travel and entertainment expenses and higher outside sales expenses. Silversun is in the process of a deal with bitcoin miner Rhodium Enterprise via which Rhodium will go public via reverse acquisition of Silversun with the latter’s operations, primarily comprised by SWK, are spun off as a public compa

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