Xpertdoc Secures $1.725M in Funding from BDC Capital

The CCM vendor reports 40 percent annual growth and expects to double revenue in two years with help from the additional funding.  

(Photo Credit: Dennis Jarvis.)

Xpertdoc Technologies Inc., a Montreal-based customer communications management solutions (CCM) vendor has secured $1.725 million (CAD $2.285 million) in funding from BDC Capital, a wholly owned subsidiary of Business Development Bank of Canada (BDC, Montreal, $22.9 billion in assets, 2016).

Jean-Philippe Poissant, Director, Growth Capital and Business Transfer, Northern Quebec, BDC Capital.

Jean-Philippe Poissant, Director, Growth Capital and Business Transfer, Northern Quebec, BDC Capital.

BDC Capital’s mezzanine financing enabled Xpertdoc to invest $500,000 in the construction of a new building designed to support their growth objectives, as well as attract and retain the best IT professionals, the vendor reports. Xpertdoc describes itself as one of the fastest growing companies in Canada in 2016, and reports a 40 percent growth year-over-year for six consecutive years.

“Xpertdoc is doing an amazing job in successfully competing in a global market dominated by giants such as Adobe and OpenText,” comments Jean-Philippe Poissant, Director, Growth Capital and Business Transfer, Northern Quebec at BDC Capital. “Their immense growth over a six-year period is fueled by very large sales in the United States. BDC Capital’s mezzanine financing will enable Xpertdoc to accelerate the execution of their ambitious growth plan, which includes business acquisitions and the creation of multiple positions in the Greater Montreal area.”

Francis Dion, CEO, Xpertdoc.

Francis Dion, CEO, Xpertdoc.

The financing secured by Xpertdoc has also given the company an opportunity to set up a Cooperative of Employee Shareholders; Xpertdoc employees were able to purchase 16% of the company’s shares to become minority shareholders.

“We have strong growth potential and plan to hire close to 100 high-technology specialists within three years,” comments Francis Dion, CEO and founder of Xpertdoc. “Our team of 50 highly qualified professionals is working hard toward achieving our goal of doubling our revenue from $5 million to $10 million in two years, now propelled by the additional funding from BDC.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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