XCE signs recruitment acquisition to add earnings and 8.216 Bitcoin
Acquisition announced
Connecting Excellence Group (XCE) has signed a binding Heads of Terms to buy a specialist recruitment firm in the UK and US. The target generated £1.79 million in revenue and £431 000 in EBITDA over the last year and already holds 8.216 BTC.
Key numbers
- Revenue: £1.79 million
- EBITDA: £431 000
- Bitcoin held by target: 8.216 BTC
- Initial cash payment: £575 000 (net outflow about £150 000)
- Additional cash payment: £60 000 in 2028
Deal structure
The agreement includes an initial cash payment of £575 000, of which about £425 000 will settle amounts owed to the sellers. The remaining consideration is deferred and linked to the target’s EBITDA performance through fiscal 2029. XCE plans to keep 75‑85 % of the acquired business’s earnings during the earn‑out.
Bitcoin acquisition
The target’s 8.216 BTC will be bought at market price with no premium. Cash paid for the Bitcoin will be exchanged for an equivalent amount of Bitcoin on XCE’s balance sheet, increasing its total holdings.
Strategic goal
XCE aims to grow its listed group by adding profitable, owner‑managed recruitment businesses while simultaneously expanding its Bitcoin balance sheet. The company believes that earnings from the new businesses can be used to fund further acquisitions or to buy more Bitcoin.
Current status
The transaction has not yet closed. It is still subject to due‑diligence, financing and a definitive purchase agreement.
