SilverSun Tech to get $1 billion investment from Jacobs Private Equity as part of spin-off scheme

SilverSun Technologies Inc.
SSNT,
-0.30%
said Monday Jacobs Private Equity II LLC agreed to invest $1 billion in cash into the company including money from co-investor Sequoia Heritage and others. Jacobs Private Equity II will become the majority stockholder of SilverSun with its leader, Brad Jacobs, as chief executive. SilverSun will spin off its existing business to shareholders, with the remaining company becoming a “standalone platform for significant acquisitions in an industry to be announced soon,” the company said. The platform company’s name has yet to be determined. “I’m excited to start building another multibillion-dollar company from scratch,” Jacobs said. SilverSun Technologies stock is up 24% so far in 2023, compared to a 36.7% boost by the Nasdaq
COMP,
+0.55%.
Based in New Jersey, SilverSun is a business application, technology and consulting company.