Sourcepass announced it has closed the acquisition of Network Solutions and Technology, Inc. (NST), a leading information technology service provider, for over 21 years. The transaction was funded through a combination of cash and equity. With commitments of $70MM in capital, Sourcepass also announced the completion of its latest round of funding. These accomplishments have positioned Sourcepass to fuel and advance its mission to revolutionize the IT services space and drive progress for SMB technology footprint across North America.
Sourcepass enhances overall IT services and delivers an omni-channel, end-to-end approach with a true focus on digitizing the IT services experience for SMBs when being connected with the right technology for their needs at the best value to unlock new productivity and outcomes. This model gives SMBs access to tools that have been unavailable to them until now. As the largest business segment in the U.S., SMBs total over 30M organizations who need help with their IT approach and solutions. These needs are expected to continue to increase to an addressable market of over $100B by 2025 as demand for remote work IT support and integrations to serve user and customer needs continue to rise.
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’ footprint 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.
The NST acquisition and latest funding round, positions Sourcepass to continue to buildout its digital ecosystem; make accretive acquisitions, targeting the completion of 7 acquisitions in 2022; and invest in a Go-to-Market strategy that makes it easier for SMBs to procure IT services overall.
For more information about Sourcepass, please visit www.sourcepass.com
