Sourced Group Closes $20 Million Financing Round
Proceeds to fund global expansion, product development and acquisitions
SINGAPORE, SYDNEY and TORONTO, September 10, 2019-- Sourced Group (Sourced), a leading global IT consultancy specialising in large-scale cloud transformations for regulated industries, is pleased to announce it has closed a CAD $20 million financing. Toronto-based Round 13 Capital led the round with participation from Comerica Bank and HSBC. In support of the investment, Round 13 Capital Co-Founder John Eckert will join Sourced's Board of Directors.
The financing will facilitate Sourced's aggressive global growth plans, fund potential acquisitions, accelerate product development and expand sales and marketing efforts. The round is the first institutional investment for privately held Sourced, which has been self-funded since its founding in 2010. Since then, the company has experienced exponential growth, including a 267 per cent increase in revenue and a four-fold increase in headcount over the past three years.
Today's investment builds on an exceptional year for Sourced that saw a growing roster of marquee clients including its first U.S.- based global financial services client, key executive appointments, and increasing momentum in the rapidly expanding cloud consulting and implementation market. IT research firm Gartner states, "The market size for cloud is growing exponentially and is projected to be a $317 billion industry by 2022."1
"We've just scratched the surface when it comes to cloud computing in large, security-conscious organisations," says Jonathan Spinks, CEO, Sourced Group. "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. We're excited to be partnering with Round 13 Capital, Comerica Bank and HSBC. Having their financial support and expertise will help us execute our vision and fuel our continued growth."
Sourced also marked several notable global successes over the previous 12 months, including being named an Amazon Web Services (AWS) Premier Consulting Partner, the only Canadian-owned company to hold this distinction. In addition, Sourced achieved Microsoft Gold Partner and Google Cloud Premier Partner status, making the company one of the few consulting firms globally to hold top tier partner status with all three major public cloud providers. In 2018, Sourced received a Canada Award for Business Excellence, an AWS ASEAN Rising Star Partner Award and Palo Alto Networks recognised the company with its Asia Pacific Cloud Partner of the Year award.
"Sourced is well-positioned to meet the rapidly increasing demand for secure and compliant cloud-based IT services in regulated industries worldwide," says John Eckert, Co-Founder, Round 13 Capital. "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."
1Gartner, Market Insight: Cloud Growth, Market Direction and Seizing the Opportunities, 27 August, 2018 Sid Nag, Colleen Graham, Mike Dorosh
About Sourced Group
Sourced is an award-winning global consulting firm that helps organisations make the most of cloud computing with a focus on security, governance and compliance. With nearly a decade of experience and offices in Australia, Canada and Singapore, Sourced provides professional services that secure, migrate and manage hyperscale cloud infrastructure for enterprise clients. We specialize in organisation-wide cloud transformation and enablement for highly regulated industries, including financial services, aviation, healthcare and telecommunications. Our proven deployment frameworks and trusted design patterns enable security-conscious organisations to unlock innovation, increase velocity and embrace cloud at scale. www.sourcedgroup.com
About Round 13 Capital
Round 13 Capital is a Toronto-based venture capital firm that invests in growth-stage technology businesses. The firm is managed by experienced investors and operators. It uses a disciplined investment approach to identify exceptional entrepreneurs running companies with market leadership potential. Round 13 works 'hands-on' with its portfolio companies to unlock strategic and financial value.
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