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SILVERSUN INVESTMENT APPROVED Featured

Shareholders of SilverSun Technologies have approved a $1-billion investment by Brad Jacobs in a special shareholder meeting held May 30.

SilvreSun, which is the parent of reseller SWK Technologies, will be renamed QXO with Mark Meller, SilverSun’s, CEO, becoming president of QXO. This step is the apparent final one in a 20-month journey to change the shape of SilverSun. The first step came in September 2022, which SilverSun agreed to merge with bitcoin miner, Rhodium Enterprise, which have resulted in SilverSun spinning out of the merged company and becoming separately listed as a public company. After that deal failed to be completed ,the plan for Jacobs to make the larger investment with a similar spinoff of the current SilverSun operations was announced in December 2023.  That deal would have ended with SilverSun renamed as QXO, which would enter the building products distribution industry  and the current operations would have spun off as a new SilverSun Corp. That deal failed and the plan that has been approved involves no spin off. The biggest change was a proposed $2.5 million special dividend for SilverSun shareholders became a proposed $17.4 million divided to follow the approval of the Jacobs investment.

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