Edtech firm programmed for growth with seven-figure deal

A Saltaire-based software developer has secured a seven-figure funding package from HSBC UK to power its international expansion.

BTL, a global provider of assessment services and technology, will use the funding to develop its “Surpass” assessment platform, which provides awarding bodies within the education sector secure technological solutions, both in the UK and overseas.

Having recently moved headquarters into a larger facility in Salts Mill, Saltaire, BTL will also draw on this support to grow its development team and expand supply to new marketing verticals.

The investment will primarily be used for software development in language testing, as well as continued development of additional frameworks for user-customisable question types in the finance, healthcare and general qualification sectors.

The backing will additionally facilitate the company’s global growth, including supporting continued expansion in the US, as well as entering new markets in South Africa and South-East Asia and expanding into new markets in the US and Middle East.

BTL says it is now anticipating an underlying 15-20% year-on-year increase in recurring revenues, with potential for additional large one-off revenues following significant improvements to both its Surpass software and surrounding services.

Sue Harris, finance director at BTL Group, said: “As we continue to grow in size, we’re hugely grateful for the support from HSBC UK in giving the business a strong foothold to develop our market-leading technology and take bigger strides into new markets.

“The investment is a fantastic opportunity for growth, as all profits made from this package will go back into the business and allow us to grasp new opportunities. Expanding our global presence is a key priority over the next five years and this funding will accelerate our international growth to exciting new levels.”

Jamie McCullough, corporate relationship director at HSBC UK, added: “As a local business furthering its global expansion, BTL has demonstrated rapid growth over the past few years with an innovative approach to technological development and a genuine passion to improve assessment in the education sector.

“This deal reinforces our innovative commitment to the tech sector.”

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