Sourced raises $20 million CAD from Round 13, Comerica, HSBC

sourced - Spinks

Sourced, a Toronto-based IT consultancy firm, has closed a $20 million CAD round of financing, led by Round 13 Capital, with participation from Comerica Bank and HSBC.

Sourced said the new investment will assist with its global growth plans, fund potential acquisitions, accelerate product development, and expand sales and marketing efforts. The round is the first institutional investment for the company, which was bootstrapped since its founding in 2010. The company is also reporting a 267 percent increase in revenue and a four-fold increase in headcount over the past three years. Following this close, Round 13 Capital co-founder John Eckert will join Sourced’s board of directors.

“We’ve just scratched the surface when it comes to cloud computing in large, security-conscious organizations.”

“We’ve just scratched the surface when it comes to cloud computing in large, security-conscious organizations,” said Jonathan Spinks, CEO of Sourced. “It’s a fundamentally different way of consuming IT that impacts people, tools, and processes across the enterprise. Our methodologies and intellectual property enable clients to rapidly and securely adopt public cloud platforms at scale so that they can speed innovation and reduce costs.”

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The consultancy firm aims to help organizations make the most of cloud computing with a focus on security, governance, and compliance. Sourced provides professional services that secure, migrate, and manage cloud infrastructure for enterprise clients. The firm targets a range of industries, including financial services, healthcare, aviation, media, and telecommunications.

Some of Sourced’s services include enterprise cloud migration, which helps businesses design and implement a plan for migrating workloads to a cloud platform at scale. Its ‘DevOps Enablement’ service implements tools and processes that integrate with businesses’ existing security and governance models. The company’s security and compliance services allow businesses to use Sourced’s governance approach to cloud to provide enterprises with tight control over how they manage and control data.

“We’re excited to be partnering with Round 13 Capital, Comerica Bank and HSBC,” Spinks said. “Having their financial support and expertise will help us execute our vision and fuel our continued growth.”

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This most recent investment comes as the company reports signing on a number of new enterprise clients, including its first US-based global financial services client. Sourced was also the only Canadian-owned company to be named an Amazon Web Services Premier Consulting Partner. The company has also been named a Microsoft Gold Partner and Google Cloud Premier Partner. Sourced has offices and does extensive work in Canada, Australia, and Singapore.

“Sourced is well-positioned to meet the rapidly increasing demand for secure and compliant cloud-based IT services in regulated industries worldwide,” said Eckert. “Having achieved trusted advisor status with their clients, we believe Sourced has a brand and track record that is second to none. We are thrilled to fund their next leg of growth and look forward to working closely with management to achieve their goals.”

Image courtesy Sourced

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast