The additional funding supports Sourcepass’ strategic objectives, including the acquisition of Proxios which expands their physical presence in the mid-Atlantic states, while broadening their client base in the healthcare, legal, and non-profit sectors.
NEW YORK, May 2, 2023 /PRNewswire/ — Sourcepass, an industry-leading IT Services and Cybersecurity provider, recently raised an additional $65 million in funding, bringing their total funding to $135 million. This significant investment will be used to further advance their groundbreaking strategic initiatives. Among their top drives for 2023 is the launch of Quest, an innovative consumption platform powered by AI, designed as a total digital transformation for their clients. Additionally, Sourcepass plans to continue their expansion with a series of strategic acquisitions throughout the year, aimed at increasing their vertical markets and bolstering their portfolio of services and talent resources. With their unwavering commitment to the client experience, Sourcepass is poised to disrupt the industry and solidify their position as a leading provider of IT services and cybersecurity solutions in North America.
Sourcepass has raised funds through institutional capital sources and angel investments from accomplished entrepreneurs in the IT and cyber security industries. Metropolitan Partners Group, a private investment firm based in NYC, has been a key player in Sourcepass’ past two funding cycles. With a mission to provide 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. Richard Lin, Managing Director at Metropolitan Partners Group, said “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.”
“We are doubling down on our investments in our clients,” said Chuck Canton, CEO and Founder of Sourcepass. “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.”
Sourcepass is thrilled to announce the successful acquisition of Proxios, a leading Virginia-based technology and solution provider, which marks their seventh acquisition within the last twelve months. 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 fifty talented and experienced employees further strengthens the Sourcepass cloud and network management service bench.
“After many conversations, it became evident that there was a strong value alignment between our two organizations,” said Chuck Canton. “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.”
“In addition to many shared values, there were some exciting complementary service offerings between Sourcepass and Proxios,” said Patrick Butler, CEO of 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.”
Sourcepass’ M&A strategy and execution mechanism is a key differentiator that sets them apart from their competitors. Their mission is to deliver an exceptional integration experience, guided by their overarching “service quality rules all” approach. Sourcepass places a strong emphasis on communication and strategic timing to ensure the success of their integration process. The goal is to improve the experience for the acquired company’s clients and employees while creating an opportunity for Sourcepass to enhance their own operations.
What makes the Sourcepass approach truly unique is their custom-designed integration plan, tailored to meet the specific needs of the acquisition and its clients. The success of Sourcepass’ integration methods is evidenced by the positive feedback they have received from their clients.
“Our relationship with Sourcepass began when our IT service provider was integrated into Sourcepass” said Benjamin Wax, Vice President of Finance and Operations at 18 Degrees in Pittsfield, MA “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.”
Sourcepass is rapidly becoming one of the fastest-growing IT and cybersecurity organizations in the nation, with a team of over five hundred highly skilled employees. They are focused on expanding their presence in the Southern and Western regions of the US, through a number of strategic acquisitions. With a commitment to client experience and innovation, Sourcepass is well-positioned to continue its rapid growth trajectory. In addition to their growth strategy, they are dedicated to fostering a collaborative and inclusive workplace culture, which has contributed to their success thus far. As they continue to expand, Sourcepass remains committed to providing cutting-edge solutions to their clients and disruption of the stale IT services industry.
About Sourcepass
Sourcepass is positively disrupting the way businesses consume IT, putting you in control of your digital universe so you have the power to transform your business. For more information on how Sourcepass is revolutionizing the IT space through M&A and innovative client service delivery, please visit www.sourcepass.com.
SOURCE Sourcepass, Inc.
