XCE Taps M&A to Turn Earnings into Bitcoin

Connecting Excellence Group (XCE), an executive recruitment firm listed on AQSE and OTCQB, is using mergers and acquisitions to turn its earnings into Bitcoin. The company has signed binding Heads of Terms for its first proposed recruitment acquisition, targeting a specialist UK and US recruitment business that generated £1.79 million in revenue and £431,000 in EBITDA over the last 12 months.

The target business also holds 8.216 BTC, which XCE will purchase at market value with no premium as part of the deal. The cash paid for the acquisition will be matched by an equivalent amount of Bitcoin moving onto XCE's balance sheet.

XCE's strategy is to acquire profitable recruitment businesses, retain their earnings power, and expand the pool of internally generated capital available for growth and Bitcoin. The company aims to combine its acquisitions with its existing business, Spencer Riley, which grew revenue 20.6% over its latest 12-month period.