Bob Scott reporting in his weekly Insights column.
SWK Technologies has purchased ProductiveTech, a managed service provider based in Westfield, N.J. While terms were not disclosed, SWK’s parent, SilverSun Technologies, said the acquired company would add $1.7 million in annualized revenue, $930,000 of that recurring subscription revenue. The deal is expected to close in the current quarter. Founded in 1984, by president John McPoyle, PTI serves Southern New Jersey, Eastern Pennsylvania, and Northern Delaware. In a prepared statement, SilverSun CEO Mark Meller, said, “Our MSP practice has been rapidly growing, but the business has essentially been a local one, servicing customers in the New York City metropolitan area. Our plan has always been to expand our geographic reach to regions where we currently have customers from our other technology businesses, such as Chicago, Dallas, Phoenix, Southern California, and Syracuse, N.Y.” PTI’s website shows a staff of 13. Services include IT support, server monitoring, backup and continuity and virtualization.