BTL, a global provider of assessment services and technology, has secured a seven-figure funding from HSBC UK to facilitate growth and international expansion.
The Saltaire-based company plans to use the funding to develop its “state-of-the-art Surpass” assessment platform, which provides awarding bodies within the education sector secure technological solutions, both in the UK and overseas. It also plans to use the funding to grow its development team and expand supply to new marketing verticals.
The investment from HSBC UK 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, as per a press statement. The funding 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 the Middle East, added the statement.
Founded in 1985, BTL Surpass Inc. (part of BTL Group Ltd.) is a global provider of assessment services and technology powering the development and delivery of tests for credentialing and licensure organizations, K-12 institutions, higher education, state government agencies, and national testing programs across the world. Surpass, a professional end-to-end assessment platform created by BTL Group, allows its users to use it for authoring, banking, administration, delivery, scoring, and reporting of computer and paper-based tests. It provides a secure platform for large-scale high-stakes paper examinations, language testing, and computer-based assessment.
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."
Surpass assessment platform is trusted by awarding and certification providers across the world. The company claims that over 30 million exams have been delivered through Surpass from across 144 countries, and has 24,500 test centers registered on its platform.
BTL Group has made a £10 million investment into its products and services in November last year to further support its rapid growth both in the UK and overseas markets.