Bristol-based XCD, the cloud-based HR and payroll software firm, has received a £2m investment from BGF to spur further organic and acquisitive growth. 
Founded in 2011, tech innovator XCD now has a workforce of employ more than 70 people and 30,000-plus users spanning not-for-profit, private and public sectors across 35 countries.
Five years ago it received an undisclosed investment from UK tech entrepreneur and investor Vin Murria OBE, who also took on the role of company chair.
Current CEO Simon Fowler joined two years later to drive a new growth strategy for the business and its range of world-leading Salesforce-powered services/
Now with the financial backing of BGF, the UK’s most active investor, XCD aims to realise its ambitious expansion plans and bolster its sales and marketing capabilities.
It will also explore strategic takeover opportunities, tapping into BGF’s extensive merger and acquisition experience in the IT software and services industry. 
XCD CEO Simon Fowler 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.
“It was clear to us from the outset that BGF was a great match given the team’s extensive experience in the tech sector.
“We felt they could clearly see what we are trying to achieve in building on the momentum we have created as the UK’s only HR and net payroll solution on the Salesforce platform.”
BGF investor Alex Snodgrass, pictured, who will join the board of XCD, added: “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.” 
Among XCD’s clients are Bristol-based serviced apartment group Edyn Group (formerly Saco), for which it saves almost a week each month in administration time and empower employees to self-serve, and German medical and pharmaceutical device company B. Braun, which it has helped increase productivity by 10%.
BGF investor James Skade, who is based in its Bristol office, worked with Alex Snodgrass on the deal.
BGF has invested £335m in more than 50 software and IT services businesses since 2011. It recently announced exits from global web-hosting company Miss Group, following a highly successful buy and build strategy, and Chippenham-based IT services company Vsyiion Group.
During BGF’s investment tenure, these companies generated a 340% and 100% increase in earnings respectively.
On the XCD deal, BGF was advised by Penelope Garden and Harriet Chang of Reading law firm Field Seymour Parkes and tax expert Steve Lawrey from Maidenhead-based accountants Wilson Partners. XCD was advised by Buckinghamshire law firm Moorcrofts.
