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Timely Industry Mid-Market Updates


Welcome to SMBVIEW - your source for updates on what's happening in the mid-market with a focus on issues concerning ERP consultants.

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Here's This Week's News


 

Quick Headlines of Note

  • SEC fines Oracle $23 million, says the company bribed foreign officials for business (CNBC)
  • NetSuite debuted several new features for CPQ, workforce management, embedded banking and warehouse management for its cloud ERP platform at SuiteWorld 2022 (Tech Target)
  • The Incentives to Get Workers Back to the Office Aren’t Working. Here’s What Would. (Slate)
  • Epicor Acquires MES Provider eFlex Systems (Epicor)
 

SilverSun Technologies To Merge with Bitcoin Miner


On September 29, 2022 Silversun Technologies - parent company of SWK Technologies -  announced their intent to merge with Bitcoin Miner Rhodium Enterprises, Inc. According to the press release, current shareholders of SilverSun:
  • A cash dividend of at least $1.50 per share, which equates to approximately $8.5 million in the aggregate;
  • A stock dividend of one share of SWK Technologies Holdings, Inc. ("HoldCo"), a recently formed subsidiary of SilverSun. HoldCo's sole assets are its 100% ownership of SWK Technologies, Inc. ("SWK") and Secure Cloud Services, Inc. ("SCS" and, together with SWK, the "Subsidiaries"), which Subsidiaries accounted for the large majority of SilverSun's revenue in 2021. It is expected that the capital structure of HoldCo will roughly approximate the current capital structure of SilverSun;
  • Following the consummation of the business combination, the business of the Subsidiaries will continue to be operated consistent with past practices. The current management and Board of Directors of SilverSun, including Mark Meller, the Chief Executive Officer of both SilverSun and SWK, will continue in their current roles at both HoldCo and the Subsidiaries. HoldCo will apply for public listing and the shares distributed in the stock dividend will be registered pursuant to a Form 10 that will be filed by HoldCo with the United States Securities and Exchange Commission (the "SEC") (subject to regulatory and exchange regulations and approvals); and
  • The shares of SilverSun's common stock to be retained by the current SilverSun stockholders following the consummation of the business combination will collectively represent approximately 3.2% of SilverSun's pro forma common equity ownership.
The full 8-K filing is available on the SilverSun website. This is a deal that is tough to know in full what value SSNT shareholders receive until a year or two after the deal closes and the full value of the stock dividend and retained shares can be evaluated. The SilverSun stock trades under the ticker SSNT. At the close of business prior to the merger announcement it traded at $2.48 and as of this writing it's trading at $2.91.

According to the 8-K the deal should be finalized no later than March 2023.

 

Altair US Creates Investor Presentation Outlining View that Avalara Acquisition is Flawed


One of the investors in Avalara has created a presentation outlining their reasons for voting against the proposed $8.4 b acquisition of Avalara by private equity firm Vista Equities

It's an interesting read and I'd best sum it up as Altair believing Avalara should have held out for more money. There's also a slide deck created by Avalara that spells out the reasons why they thought now was the time to sell. There is an investor meeting scheduled for October 14, 2022 to vote on the acquisition.

Link to presentation slide deck





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Wayne Schulz
Web: SMBVIEW.COM
Cell: 860-516-8990


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