XCE uses a proposed recruitment acquisition to tie M&A, earnings and Bitcoin together
Connecting Excellence Group (XCE) has signed binding heads of terms for its first proposed recruitment-sector acquisition, targeting a specialist business operating in the U.K. and U.S. The target generated £1.79 million in revenue, £1.27 million in gross profit and £431,000 in EBITDA over the last 12 months, while also holding 8.216 BTC. The transaction has not closed and still depends on further due diligence, funding and a definitive purchase agreement. Bitcoin Magazine framed the deal as a case study in how an operating company can weave Bitcoin into a broader capital-allocation strategy through mergers and acquisitions. XCE expects to pay £575,000 in initial cash at completion, with about £425,000 used to settle amounts owed to the target by the vendors and returning to the group, leaving an estimated net cash outflow of roughly £150,000 before transaction costs. Another £60,000 is due in 2028, while much of the remaining consideration is deferred and linked to EBITDA performance through fiscal 2029. The article argues that XCE is not just buying revenue. It is trying to acquire earnings power, preserve a large share of that cash generation, and add balance-sheet assets at the same time. If completed, the deal would add a growing, profitable recruitment business and 8.216 BTC to XCE’s balance sheet. The company reported 72.94 BTC as of Sept. 1, up from 9.27 BTC at its December 2025 IPO, and recently added 10 BTC through a share subscription from longtime investor Adam Back.








