PwC Corporate Finance advises Xpedition on its sale to Transparity
October 2025
PwC Corporate Finance is pleased to announce that it has acted as exclusive sell-side adviser to the shareholders of Xpedition (Touchstone Group) on its sale to Transparity, a Bowmark Capital-backed Microsoft cloud specialist.
The transaction brings together two of the UK’s most recognised Microsoft partners to create a full-stack cloud solutions provider, combining deep expertise in Dynamics 365, Azure, Power Platform, Cyber and AI. The enlarged group will deliver enhanced capability and scale to support clients’ digital transformation ambitions across the Microsoft ecosystem.
About Xpedition
Founded in 2004, Xpedition is a leading provider of Microsoft business solutions, delivering digital transformation across CRM, ERP, Power Platform and analytics. The company holds Microsoft Solutions Partner status for Business Applications and has been a member of Microsoft’s prestigious Dynamics Inner Circle since 2022.
Xpedition is recognised for its employee-first culture, having ranked in the top 15 UK Best Workplaces in both 2024 and 2025. The business has built a strong reputation for delivering business-focused digital transformation within the financial services, retail, and wholesale & distribution sectors. Its 90-strong team brings over 150 years of collective leadership experience and will remain in place post-acquisition to continue driving growth as part of the Transparity group.
About Transparity
Headquartered in London and backed by Bowmark Capital, Transparity is one of the UK’s most accredited Microsoft partners, holding all six solution designations and 15 advanced specialisations. With a team of more than 260 cloud experts, Transparity delivers end-to-end Microsoft solutions spanning Data, AI, Azure, Cyber and Modern Workplace.
Since Bowmark’s investment in 2024, Transparity has achieved significant growth through expansion initiatives including headcount investment, new offices side-by-side with Microsoft in Paddington, a unified brand, and the launch of new products including AI Factory to drive innovation.
Strategic Rationale
This transaction marks an important milestone for both businesses, creating a comprehensive Microsoft ecosystem partner uniquely positioned to lead in the AI-enabled era of CRM and ERP. The combined group will leverage Xpedition’s proven Dynamics capability and Transparity’s cloud expertise to offer customers greater value, deeper insight, and accelerated transformation.
The partnership also represents a vote of confidence in the strength and quality of UK technology businesses, as private equity investment continues to drive consolidation across the mid-market cloud services sector.
PwC Involvement
PwC acted as exclusive sell-side M&A adviser to Xpedition, providing end-to-end transaction support throughout the sale process. The PwC UK Corporate Finance Technology, Media and Telecommunications (TMT) team was led by Dan Gallagher, supported by Arjun Patel, Nick Fletcher, Freddie Compton and Feiyang Wang.
Keith Birch, Chairman, Touchstone Group, reflecting on the sale of Xpedition:
“The successful completion of this transaction represents a strong strategic outcome for all stakeholders. PwC’s deep sector expertise, commercial insight, and ability to navigate the complexities of the deal added significant value throughout the process. Their collaborative approach and consistent focus on delivering the right result were key in achieving an outcome that positions Xpedition and Transparity for sustained growth and success.”
Dean Carroll, CEO, Xpedition, commenting on the transaction:
“This transaction marks an important milestone for Xpedition as we join forces with Transparity to create one of the UK’s leading Microsoft partners. PwC’s Corporate Finance team provided exceptional support throughout the process - their strategic insight, sector expertise, and pragmatic advice were instrumental in securing an outcome that not only drives growth but reflects the strong cultural alignment and shared vision at the heart of this partnership.”
Dan Gallagher, Partner, PwC UK Corporate Finance Leader, commented:
“We are delighted to have advised Xpedition on this strategic transaction with Transparity. The deal represents a strong alignment of two exceptional Microsoft partners with complementary strengths and shared values. It also underlines the continued attractiveness of high-quality tech services businesses in high growth software ecosystems.”
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