SWK Technologies has signed a letter of intent to acquire Accounting Technology Resources of Santa Ana, Calif. Both are Sage and Acumatica resellers. SWK's parent SilverSun Technologies says the deal should add $1.5 million to its annual revenue and is expected to close by February 16. ATR also handles the JobOps manufacturing package, Avalara's sales-and-use tax system, BizNet's financial reporting application and Altec's document management software, among its lineup of third-party products.
SAP this week predicted that its cloud revenue will exceed software revenue by 2018. The company gave a long look at its prospects with several figures about the shape of its business in 2020 during an earnings webcast. Executives provided this view as they discussed the fourth quarter and year ended December 31.
Avalara has been raking in the capital. In November, it announced it had raised $100 million in financing from an affiliate of Warburg Pincus. This week, the sales-and-use tax company said it had brought in $43 million more with Technology Crossover Ventures company on board, along with existing investors that include Warburg Pincus.
Joe Langner, EVP and GM of mid-market solutions at Sage North America, is out of a job. Employees have reportedly been told of the departure of Langner, who took his current title in October 2011. With new Sage chief executive Steve Kelly having taken over in November, the bets are more changes will be coming. Langner's job is an extremely important one for Sage since it encompasses the mid-market accounting products that are the core of the company's operations in this country.