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High Street Partners Closes $6.3M Series C

2011-08-10
Financing led by institutional venture capital investor Baird Venture Partners. The funding round also included existing investor Sigma Partners and Gold Hill Capital.
ANNAPOLIS, MD, High Street Partners (HSP), the leader in international business services, today announced a $6.3M Series C round of financing led by institutional venture capital investor Baird Venture Partners.

The funding round also included existing investor Sigma Partners and Gold Hill Capital. HSP will use the proceeds to build-out its Shared Service Centers and accelerate the delivery of several key features of its software-as-a-service offering, HSP OverseasConnect.

Benedict Rocchio, partner at Baird Venture Partners, has been elected to the HSP board of directors. He will join existing board members Paul Flanagan, managing director of Sigma Partners, Gerard Phelan, vice president at RR Donnelly, and Larry Harding, founder & president of HSP.

Commenting on the investment, Rocchio said, "HSP has proven its ability to build and manage a high-growth business, and we have a fantastic partnership with the High Street Partners team. They have done an excellent job supporting their clients' international needs, and their mission - simplifying the management and control of international operations - has really resonated with finance and HR executives in the middle market. This round of growth capital will allow HSP to expand its solution offering and position itself as the preferred partner to help companies grow their businesses globally."

This latest growth equity funding will focus on two areas: HSP OverseasConnect and completing the development and staffing of its regionally focused Shared Services Centers. "Strong customer demand has created an urgency to accelerate the delivery of several key features of HSP OverseasConnect, particularly in the areas of HR and compliance," said Harding. "And, to support our rapid growth, we will also be hastening the build-out of our Shared Service Centers to support client operations in Europe, the Middle East and Africa, Asia, and throughout the Americas. These centers allow us to enhance the overall client experience by extending our headquarters-focused, single point of accountability support model with regional expertise."

"Having been an executive officer myself in two fast-growing public companies, and an investor in numerous technology and other high-growth firms, I have lived the challenges of international expansion," said Flanagan. "With HSP OverseasConnect, Larry and his team have developed a highly differentiated, cloud-based service that overcomes many of these issues. At Sigma, we are focused on investing in new technologies with the opportunity to revolutionize an industry, and we believe HSP can be a very significant company."

"HSP is focused on delivering value to its clients, shareholders and employees, and this funding will ensure that we continue to exceed these objectives," said Harding. "It will allow us to extend our capabilities in areas that are critical to both our growth and delivering a positive experience for our clients. We look forward to working with our partners at Baird, Sigma and Gold Hill to capitalize on these opportunities."

About Baird Venture Partners

Baird Venture Partners, the U.S.-based venture capital fund of Baird Private Equity, makes venture capital investments in early and expansion stage business services and life sciences companies. Baird Venture Partners leverages its in-depth sector knowledge, experienced investment team and network of relationships to serve as a value-added partner for its portfolio companies. Baird Private Equity, the global private equity group of Robert W. Baird & Co. (Baird), makes venture capital, growth equity and buyout investments in smaller, high potential companies in the United States through Baird Venture Partners and Baird Capital Partners, in China through Baird Capital Partners Asia, and in Europe through Baird Capital Partners Europe. Baird Private Equity has a global team of investment and operations professionals across the United States, Europe and Asia, including a team of operating professionals in Asia. Baird Private Equity and its affiliates have raised and managed over $2.8 billion in capital and invested in more than 250 companies since the 1980s. For more information, please visit www.bairdventurepartners.com.

About Sigma Partners

As a pillar of the venture capital industry for 27 years, Sigma Partners provides support and strength to entrepreneurs driven to build great companies. With over $2 billion under management, Sigma invests in innovative technology startups across the United States. Drawing on deep operational backgrounds as entrepreneurs and executives, Sigma's partners provide management teams with practical strategic counsel through every phase of company growth. Their first-hand experience gives early-stage companies both tactical and strategic guidance and access to a powerful business network. The company continues to invest today in the same way it has since its inception; by identifying great entrepreneurs and collaborating with them to build strong businesses. (www.sigmapartners.com).

About Gold Hill Capital

Gold Hill Capital is an independent, private venture firm focused on providing debt and equity capital to companies within the technology and life science industries. Gold Hill is capitalized by top-tier institutional investors with aggregate investment capital of approximately $1 billion deployed over two funds. Gold Hill has a highly-focused team dedicated to delivering flexible financing solutions for expansion stage companies. Our team provides an unparalleled level of financial experience working with technology companies - experience that includes investment banking, venture capital, international finance, mezzanine finance and asset-based lending. Gold Hill is headquartered in San Jose, CA with an office in Boston, MA. For more information, please visit www.goldhillcapital.com.

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