Sourcepass Acquires Suite3
Startup investment firm Sourcepass has acquired Suite3 for an undisclosed amount.
This is technology M&A deal number 305 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.
Startup Investment Firm SourcePass Acquires Suite3
Suite3 provides managed network, cloud migration and management, cybersecurity and IT support services. Its clients span more than eight industries with a strong focus on financial services.
As part of the transition, Suite3’s current employees will join the Sourcepass team, the company said. In addition, the core Suite3 leadership team will remain, with new roles, according to Sourcepass.
The company will be added to Sourcepass’ portfolio of IT companies focused on serving small to mid-sized businesses (SMBs). The deal allows Sourcepass to extend its reach into the northeastern United States, according to the company.
This is Sourcepass’ second acquisition in 30 days, having previously acquired Network Solutions and Technology Inc (NST) for a mix of cash and equity. At the same time, the firm announced a $70 million round of funding. The funding involved Metropolitan Partners Group, several angel investors and Wedge Venture Partners.
Sourcepass Acquires Suite3: Leadership Insight
Chuck Canton, chairman and founder, Sourcepass, commented:
“According to the U.S. Small Business Administration, SMBs made up 99.9% of U.S. businesses in 2020 and their employees account for almost half of the U.S. workforce. However, they often have difficulty accessing the capabilities and resources that would help them grow. That is why Sourcepass looks for the best IT companies serving this market – like Suite3 – to give SMBs tools to be competitive. It is good for the companies, good for the IT partners we select, and ultimately good for the U.S. economy.”
Dave DelVecchio, president, Suite3, said:
“As Suite3’s cybersecurity offerings became more sophisticated, the next logical step for us was to expand to offer 24×7 support and security operations. With Sourcepass’ support, we can accelerate our timeframe to offer these expanded offerings and our clients gain additional resources through the relationship. One of the things at the core of our business model is an obsession with customer satisfaction and engagement. Once we knew Sourcepass shared that commitment and our visions were aligned, we knew they were the right partner for us. We are excited to be part of the Sourcepass family and look forward to contributing to the journey.”