Sourcepass – an industry-leading IT Services and Cybersecurity provider – recently announced an additional $65 million in funding, bringing their total funding to $135 million. This investment will be used to advance their groundbreaking strategic initiatives. Sourcepass also announced the successful acquisition of Proxios
Sourcepass – an industry-leading IT Services and Cybersecurity provider – recently announced an additional $65 million in funding, bringing their total funding to $135 million. This investment will be used to advance their groundbreaking strategic initiatives. Among the top drives for 2023 is the launch of Quest, which is an innovative consumption platform powered by AI – designed as a total digital transformation for their clients.
Plus Sourcepass plans to continue its expansion with a series of strategic acquisitions throughout the year – which is aimed at increasing its vertical markets and bolstering its portfolio of services and talent resources. And with a commitment to the client experience, Sourcepass is now ready to disrupt the industry and solidify its position as a leading provider of IT services and cybersecurity solutions in North America.
The company had raised funds through institutional capital sources and angel investments from accomplished entrepreneurs in the IT and cyber security industries. And Metropolitan Partners Group, a private investment firm based in NYC, has been a key player in Sourcepass’ past two funding cycles.
With a goal of providing growth capital for their portfolio companies to build lasting value and growth, Metropolitan has invested over $2 billion across more than 150 investments to date.
Proxios Acquisition
Sourcepass also announced the successful acquisition of Proxios, a leading Virginia-based technology and solution provider – which marks its seventh acquisition within the last 12 months. And this acquisition represents a significant milestone in Sourcepass’ growth strategy, enabling them to expand their physical presence in the mid-Atlantic states while deepening their portfolio of clients in the healthcare, legal, and non-profit sectors. The addition of over 50 talented and experienced employees further strengthens the Sourcepass cloud and network management service bench.
Sourcepass’ M&A strategy and execution mechanism is a differentiator that sets them apart from their competitors. And its mission is to deliver an exceptional integration experience, guided by its overarching “service quality rules all” approach. Plus Sourcepass places a strong emphasis on communication and strategic timing to ensure the success of their integration process. This goal is to improve the experience for the acquired company’s clients and employees while creating an opportunity for Sourcepass to enhance its own operations.
What makes the Sourcepass approach unique is its custom-designed integration plan, tailored to meet the specific needs of the acquisition and its clients. And the success of Sourcepass’ integration methods is evidenced by the positive feedback they have received from their clients.
Sourcepass is quickly becoming one of the fastest-growing IT and cybersecurity organizations in the nation, with a team of over 500 highly skilled employees. And they are focused on expanding their presence in the Southern and Western regions of the US, through a number of strategic acquisitions.
Through a commitment to client experience and innovation, Sourcepass is well-positioned to continue its rapid growth trajectory. Along with its growth strategy, they are dedicated to fostering a collaborative and inclusive workplace culture, which has contributed to its success so far. Plus as they continue to expand, Sourcepass remains committed to providing cutting-edge solutions to their clients and disrupting the stale IT services industry.
KEY QUOTES:
“We are pleased to continue supporting the Sourcepass team. Their customer-centric approach and innovative solutions to the unique IT challenges of small and medium-sized businesses position it for robust success. Their forward-thinking vision and a dedication to becoming agile operators and entrepreneurs make them a team we are excited to stand behind.”
— Richard Lin, Managing Director at Metropolitan Partners Group
“We are doubling down on our investments in our clients. Our progress as a company starts with delivering an experience that clients love, is supported by continued investments in our team, and accelerated by selectively adding integration partners that help to multiply our efforts.”
— Chuck Canton, CEO and Founder of Sourcepass
“After many conversations, it became evident that there was a strong value alignment between our two organizations. In Proxios, we found a partner who further enhances our capabilities and is as committed to providing a high-quality experience to clients as Sourcepass.”
— Chuck Canton
“In addition to many shared values, there were some exciting complementary service offerings between Sourcepass and Proxios. Our clients will now have significantly more resources to leverage and a broader set of services from which to choose. Given these benefits, we knew joining Sourcepass was in the best interests of both our employees and clients.”
— Patrick Butler, CEO of Proxios
“Our relationship with Sourcepass began when our IT service provider was integrated into Sourcepass. Sourcepass began providing our Agency with quarterly technology reviews and we have bi-weekly calls where Sourcepass addresses our current IT needs. As a result of this communication, they have provided invaluable reports that we are using for our upcoming budgets, both from a capital and operating perspective.”
— Benjamin Wax, Vice President of Finance and Operations at 18 Degrees in Pittsfield, MA
