This is technology M&A deal number 169 that MSSP Alert and sister site ChannelE2E have covered so far in 2023.
Sourcepass, an MSSP founded in 2020, is based in New York, New York. The company has 244 employees listed on LinkedIn. Sourcepass' areas of expertise include managed security services, managed IT services and web services.
machineLogic, founded in 2001, is based in Englewood, Colorado. The company has 31 employees listed on LinkedIn. machineLogic's areas of expertise include cybersecurity, cloud computing and managed IT services.
machineLogic Marks Sourcepass' 8th Acquisition
The machineLogic acquisition represents a "significant milestone," Sourcepass said, expanding Sourcepass' U.S. presence and its team of service and account management professionals.
Sourcepass CEO Chuck Canton commented on the machineLogic acquisition and what it means for his company and its customers:
"In addition to expanding our presence westward, machineLogic brings a wealth of highly talented individuals in the fields of robotic process automation (RPA), artificial intelligence (AI) and digital marketing. These areas align with our core initiatives for 2023, allowing us to introduce innovative solutions that empower our clients to effectively manage their technology and fuel business growth."
In addition, machineLogic CEO Daniel Johnson shared his thoughts on the acquisition and its potential impact:
"The machineLogic culture was built from exceptional people who exhibited key traits and a mindset that created an environment of energy, creativity, cooperation and innovation. We quickly saw alignment with the Sourcepass commitment to being a destination place to work, and we are looking forward to being a part of Sourcepass' future."
Sourcepass Eyes Acquisitions
The machineLogic acquisition comes after Sourcepass in May 2023 added $65 million in funding and increased its total financing to $135 million. At this time, Sourcepass indicated it planned to continue its expansion with strategic acquisitions throughout 2023 and bolster its services and talent base. Sourcepass also intends to double-down on its investments in its customers, Canton said.
Sourcepass has a team of more than 500 employees and continues to explore acquisitions in the western and southern portions of the United States, the company noted. It has partnerships in place with Bitdefender, Fortinet and other cybersecurity and technology providers.