A West Yorkshire software developer has secured seven-figure funding from HSBC UK to support growth and international expansion.
BTL, a global provider of assessment services and technology, will use the funding to develop its “Surpass” assessment platform, which provides certification bodies in the education sector with secure technology.
Following a recent move to new headquarters in a larger facility in Salts Mill, Saltaire, Bradford, BTL will use the funding to grow its development team and expand the offering into new verticals.
The investment will primarily be used for software development in language testing, as well as the continued development of additional frameworks for user-customizable question types in the finance, healthcare and general qualifications sectors.
The funding from HSBC UK will also facilitate the company’s global growth, including supporting continued expansion in the United States, as well as entering new markets in South Africa and South East Asia and expanding into new markets in the United States and the Middle East.
BTL is targeting an underlying 15-20% year-over-year increase in recurring revenue, with the potential for significant additional one-time revenue following significant enhancements to both its Surpass software and surrounding services.
Sue Harris, Chief Financial Officer of BTL Group, said: “As BTL continues to grow in size, we are extremely grateful for the support of HSBC UK in giving the business a solid foundation to develop our cutting-edge technology and do more. great progress in new markets.
“HSBC’s investment is a fantastic opportunity for growth, as any profits made from this package will flow back into the business and allow us to seize 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, Director of Corporate Relations at HSBC UK, added: “As a local business pursuing global expansion, BTL has demonstrated rapid growth over the past few years with an innovative approach to technology development and genuine passion to improve evaluation in the education sector. .
“We are delighted to support the company as it continues to grow internationally as a market leader in the assessment industry and this agreement reinforces our innovative commitment to the technology sector.”