GREENWICH, Conn., June 06, 2024 (GLOBE NEWSWIRE) — QXO, Inc. formerly known as SilverSun Technologies, Inc. , today completed the previously announced equity investment contemplated by the Amended and Restated Investment Agreement, dated April 14, 2024, among SilverSun, Jacobs Private Equity II, LLC and certain minority co-investors. Under the terms of the transaction, JPE and the co-investors invested an aggregate of $1 billion in cash in the Company, comprised of $900 million by JPE and $100 million by the co-investors, including Sequoia Heritage.
In connection with the closing of the equity investment, Brad Jacobs became QXO’s chairman and chief executive officer and will lead the Company in the $800 billion building products distribution industry.
Additionally, the Company changed its name from SilverSun Technologies, Inc. to QXO, Inc. and changed its ticker symbol on the NASDAQ Capital Market from SSNT to QXO.
Advisors
Goldman Sachs and Morgan Stanley are serving as financial advisors to JPE, and Wachtell, Lipton, Rosen & Katz and Paul, Weiss, Rifkind, Wharton & Garrison are serving as legal advisors to JPE.
The Benchmark Company, LLC is serving as financial advisor to SilverSun, and Lucosky Brookman LLP is serving as legal advisor to SilverSun.
About QXO, Inc.
QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications.
QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The Company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.
