Sourced Group gets $2.5 million, spins off cloud security company

22 October 2020 Consulting.ca

Sourced Group, a Toronto-headquartered IT consultancy, has secured $2.5 million in funding from venture capital firm Round 13 Capital, a prior investor in the firm. Sourced will use the money to launch Kivera, a cloud security tool.

Kivera is a cloud security product and company that was incubated in Sourced via its internal innovators fund program. The tool allows companies to apply governance policies consistently across their multi-cloud environments and boost their security posture through continual assurance.

Vernon Jefferson and Neil Brown, who drove the product through its incubation period, will leave Sourced to serve as Kivera’s CTO and VP of operations, respectively. Johnathan Spinks, Sourced’s CEO, and Wilson Lee, CFO, will serve as the company’s interim CEO and interim CFO, respectively.

“Through years of consulting, we consistently observed tensions between security teams working to preserve the integrity of cloud environments and application teams wanting to focus on innovating their applications rather than navigating rigid control structures," said Brown. "Kivera...enables uniform and granular policy enforcement across any cloud and any tool."

Sourced Group gets $2.5 million, spins off cloud security company

The $2.5 funding from 13 Capital will help launch the newly spun-off company, which will initially have operations in Toronto and Sydney, Australia. Toronto-based Round 13 Capital’s investment comes less than a year after Sourced closed a $20 million funding round that was led by Round 13, with participation from Comerica Bank and HSBC.

Kivera's team is currently working with a number of businesses, including a large Australian financial services firm. The company and its tool are currently in beta testing ahead of a formal launch in Q1 2021.

John Eckert, co-founder at Round 13 Capital, said, "We look forward to supporting the team on their new venture. Now more than ever, with the rapid adoption of cloud services, safeguarding one's security is of paramount importance."

Sourced Group was founded in 2010 and specializes in enterprise cloud transformations. The company’s services and solutions cover cloud migration, DevOps enablement, and security and compliance. The firm is an AWS Premier Partner, Google Cloud Premier Partner, and Microsoft Azure Gold Managed Partner.

Sourced has more than 100 employees across offices in Toronto, Sydney, Melbourne, Singapore, and Kuala Lumpur.


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