The end result is that the current leaders of SilverSun parent of SWK Technologies, including CEO Mark Meller. will continue to run the businesses in the mid-market. The existing shareholders will receive a $2.5-million special dividend. SilverSun is being sold to Jacobs Private Equity II which will contribute $900 million while co-investors, including Sequoia Heritage will invest $100 million and then rename the company. The current SilverSun shareholds will have an equity in Jacbos' company. This agreement is somewhat similar to the aborted effort by bitminer Rhodium to buy SilverSun through a reserve acquisition and then spin off a company to handle the current operations. That deal was called off after a year when the parties could not complete it. Brad Jacobs will become CEO and chair of SilverSun Technologies, which will essentially act like a special acquisitions company in using its assets to buy other businesses with the invested funds. The announcement said Jacobs has built five multi-billion dollar publicly traded companies included United Rentals and United Waste Systems.
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SILVERSUN SELLING COMPANY Featured
SilverSun Technologies is doing another deal in which the company plans to sell itsself and spin off its operating businesses into another company, which will then go public.
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