USA – Sourcepass, a NYC-based provider of innovative IT solutions for SMBs, raised $70M in debt and equity funding.
Backers included Metropolitan Partners Group; several experienced angel investors; and notable investor, Wedge Venture Partners.The company closed the acquisition of Network Solutions and Technology, Inc. (NST), an information technology service provider in a transaction funded through a combination of cash and equity. Sourcepass is digitizing the way small and mid-sized businesses (SMB) access innovative IT solutions by making strategic acquisitions in the IT Managed Services space. The company enhances overall IT services and delivers an omni-channel, end-to-end approach with a focus on digitizing the IT services experience for SMBs when being connected with the right technology for their needs. Moving forward, NST will serve as the platform company for Sourcepass’ organic and inorganic growth, with plans for all future acquisitions to be integrated into the NST operating model. Sourcepass’ presence has expanded with the addition of NST’s 155 employees and its locations in New York City, NY; Long Island, NY; New Jersey; Connecticut; and Tennessee. Sourcepass will be extending its digital capabilities via interactive web portals and mobile applications to NST’s 400 SMB customers, across 38 states and over 20,000 endpoints.05/03/2022
