SWK: PENNIES FOR HIGHTOWER ASSETS
SWK Technologies says it will pick up about $3 million in revenue from its purchase of the defunct Hightower. The asset purchase involving the former Chicago-area VAR will cost SWK almost $400,000 - $350,000 in cash and 50 percent of the $60.005 in delinquent payroll taxes that Hightower owes the Internal Revenue Service.
SWK is a Sage reseller as was Hightower. SWK said the deal brings in 870 new customers. SWK also agreed to pay HighTower CEO Jeff Rosengarden $1,850 per month for consulting services. Hightower's president Robert Nordin will draw $150 per hour for any month in which he performs more than eight hours of work for SWK.
