Education software developer BTL has secured a seven-figure funding package to support its international expansion.
The Saltaire-based firm, which recently expanded into the Salts Mill facility, will use HSBC UK funding to grow its development team and language testing of its software.
BTL's key product Surpass is a software-as-a-service platform that helps universities, government bodies and other organisations to deliver what it calls "high-stakes" tests.
Read more: Humber ports director on how the blue economy is helping green up the Energy Estuary
The firm said the funding would help its 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.
It anticipates an underlying 15-20% year-on-year increase in recurring revenues and potential for one-off large revenues.
Sue Harris, finance director at BTL Group, said: “As BTL continues 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 from HSBC 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.
"We’re delighted to support the business as it continues to grow internationally as a market leader in the assessment industry and this deal reinforces our innovative commitment to the tech sector.”
Do you follow BusinessLive Humber on LinkedIn and Twitter? Click and engage to ensure you stay updated
