Business technology solutions and services provider SWK Technologies has signed a letter of intent to acquire New Jersey-based MSP ProductiveTech in a deal that is expected to add more than $1.7 million in annualized revenue for the network monitoring, data backup and business continuity provider.

SWK Technologies’ parent company SilverSun Technologies will broker the deal, which is expected to close in Q2 2015. The financial terms of the transaction were not disclosed.

ProductiveTech has served as a computer and network services company for the southern New Jersey, Eastern Pennsylvania and Northern Delaware region since its inception in 1984. Nearly $1 million of the company’s $1.7 million in revenue from fiscal year 2014 consisted of recurring subscription revenue, according to the announcement.

SilverSun CEO Mark Meller said the acquisition would serve as a means to help SWK Technologies expand its footprint beyond the New York metropolitan area and broaden the company’s geographic reach into areas where the company has other business ties, including Chicago, Dallas, Phoenix and Southern California.

“The management team at ProductiveTech, Inc. impressed us,” said Jeffrey D. Roth, CEO of SWK Technologies, in a statement. We were looking to expand our MSP practice into central and southern New Jersey but required high-level technical skills and skilled executives to lead us there. We have found a winning formula with ProductiveTech to accomplish this. We’re looking forward to all that we can achieve by the powerful combination of the SWK and PTI managed services teams.”