SilverSun said the organic growth rate was 14.2 percent. Software revenue rose 15.4 percent to $4.2 million for the most recently ended year, up from $3.7 million. All of the rest of revenue was from services with service revenue rising to $23.4 million, up 31.5 percent from $17.8 million. The company attributed product revenue growth to pretty much everything—Sage X-3, NetSuite and Acumatica, and Accellos Warehouse Management—and service revenue growth to marketing and "very competitive pricing". On the expense side, SilverSun spent $4.3 million on sales and marketing, a 29.4-percent rise from $3.3 million. G&A expenses for 2015 were $5.6 million, up 31.6 percent from $4.3 million the prior year. The acquired operations were Accounting Technologies Resources, The Macabe Associates, Oates & Co. and ProductiveTech. Pro-forma revenue for 2015, including these businesses, was $31.7 million, a rise of 10 percent from pro-forma revenue of $28.8 million for 2014.
M&A PUSHES SWK RESULTS Featured
Four acquisitions last year pushed results of SWK Technologies higher for the year ended December 31. The impact of the deals was spelled out in the financial results of SWK'S parent, SilverSun Technologies, which were reported to the SEC this week. All of SilverSun's operations are through SWK. Net income for 2015 was $374,305, an increase of 94 percent from $192,901, the prior year. Revenue of $27.6 million last year was up 28.8 percent from $21.6 million in 2014.
