FSP advises BGF on growth investment into XCD HR
The corporate team at Field Seymour Parkes have advised BGF on a £2m growth investment into XCD, a HR and payroll cloud software business, which was founded in 2011, which employs more than 70 people and works across the not-for-profit, private and public sectors. It has more than 30,000 users in 35 countries using its Salesforce powered services.
The financial backing will support XCD’s ambitious expansion plans, according to BGF, which said the money would bolster the firm’s sales and marketing capabilities.
BGF said the funding would also enable XCD to explore strategic acquisition opportunities.
Simon Fowler, who joined XCD as chief executive in 2017, said: “We are extremely excited to be partnering with BGF with this investment.
“It not only means our plans are funded, but also gives us validation that an investor with a reputation such as BGF’s believes in what we have achieved up to this point.”
The deal was led for BGF by Alex Snodgrass and James Skade.
Alex Snodgrass commented: “XCD has built an industry-leading offering which has fuelled an impressive growth trajectory in recent years.
“With high-profile clients spanning a multitude of sectors and a proven track record of success, the business is poised to build on its growth to date and realise its full potential on a global scale.
“The value of XCD’s remotely accessible, cloud-delivered HR software cannot be understated amid the challenges presented for organisations by the Covid-19 pandemic.”
BGF has invested £335 million in more than 50 software and IT services businesses since 2011.