NEW YORK | May 18, 2021 – Sourced Group, a leading global technology consultancy specializing in large-scale cloud transformations for sophisticated, high-end enterprises announced its sale to Amdocs (NASDAQ: DOX), a leading provider of software and services to communications and media companies.
Drake Star Partners acted as the exclusive financial advisor to Sourced Group and its shareholders.
This transaction creates the opportunity to bring to Amdocs’ 350+ service provider customers Sourced Group’s decade-long experience of delivering cloud at scale; Sourced’s expertise and experience in different industries such as financial services, communications and others will strengthen Amdocs’ capabilities for taking the communications industry to the cloud.
“We are excited to join Amdocs and believe the combination of Amdocs’ cloud-native products and services and our high-end consulting and deep expertise across the entire cloud transformation process will prove compelling for service providers as they move to the cloud,” said Jon Spinks, Sourced founder and CEO. “We also look forward to continuing serving our current customers and leveraging Amdocs’ scale to further accelerate their cloud journeys.”
“It was clear from the start that Jeff and the team at Drake Star were extremely knowledgeable in our space.” said Spinks. “Their market intelligence and partnership was invaluable throughout this process and gave us the confidence to move forward.”
Jeff Baker, Managing Partner at Drake Star Partners, said: “Sourced has demonstrated its position as a clear market leader for enterprise-level cloud transformation services with deep expertise across the AWS, Azure and GCP ecosystems. We are excited to have been part of one of the landmark public cloud transactions of 2021 and wish Jon, Wilson and the team continued success.”
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Amdocs’ purpose is to enrich lives and progress society, using creativity and technology to build a better connected world. Amdocs and its 26,000 employees partner with the leading players in the communications and media industry, enabling next-generation experiences in 85 countries. Our cloud-native, open and dynamic portfolio of digital solutions, platforms and services bring greater choice, faster time to market and flexibility, to better meet the evolving needs of our customers as they drive growth, transform and take their business to the cloud. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.2 billion in fiscal 2020.
For more information, please visit Amdocs at www.amdocs.com.
About Sourced Group
Sourced provides “customer-centric” consulting services to migrate and govern large-scale enterprise IT systems to the cloud. With nearly a decade of delivering successful large scale cloud transformation programs, our client list is filled with household names in the worlds of finance, media, transport, healthcare and telecommunications.
For more information on Sourced Group, please visit www.sourcedgroup.com.
Drake Star Partners is a global investment banking firm serving the technology, media and communications sectors (TMC) with offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, Geneva, Singapore* and Dubai*. The firm focuses on M&A and corporate finance for its clients worldwide. Drake Star Partners completed over 400 transactions since 2004, 70% of which are cross-border.
Drake Star Partners is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. Drake Star UK Limited (FRN 942020) is an appointed representative of Kession Capital Ltd (FRN582160) which is authorised and regulated by the Financial Conduct Authority. © 2016 Drake Star Partners Limited.