Sourcepass acquires Long Island IT provider NST
William Collins is president of Network Solutions and Technology, an East Northport IT services provider that has been acquired by Manhattan-based Sourcepass Inc. Credit: Nancy Borowick
East Northport IT services provider Network Solutions & Technology has been acquired by Manhattan-based Sourcepass Inc.
Terms of the cash and stock deal were not disclosed.
NST, with about 155 employees, is the latest target of Sourcepass, which has completed more than 20 acquisitions and anticipates closing seven in 2022 as it seeks to consolidate the small- and medium-sized business market for information technology.
Sourcepass estimates that the IT market of the more than 30 million small and medium-sized U.S. businesses in the United States will be worth $100 billion by 2025.
Sourcepass is seeking to gain scale in that highly fragmented market now served by more than a half million small software and IT companies, according to the Computing Technology Industry Association.
In addition to Long Island, NST has offices in Manhattan; Stratford, Connecticut; Eatontown, New Jersey; and Knoxville, Tennessee, and lists more than 400 small- and medium-sized business customers in 38 states.
A spokeswoman said Sourcepass expects to maintain NST's offices and add jobs supported by $70 million in a debt-and-equity-financing round led by Metropolitan Partners Group.
"We could not be more pleased to share that we have closed on the acquisition of NST and to have fully retained NST’s leadership team as they will play a pivotal role in our plans to advance the industry," Sourcepass chairman Chuck Canton said in a statement.
Those remaining include William Collins, NST's president.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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