BOSTON & ANNAPOLIS, Md.--(BUSINESS WIRE)--High Street Partners (HSP), the leader in business software and services designed to simplify international expansion, today announced an $8 million round of financing, led by institutional venture capital investor Baird Capital, along with Sigma Partners and Gold Hill Capital. This is the largest investment round that HSP has raised to date, and the proceeds have been earmarked to accelerate the launch of newly developed applications within its cloud-based software platform, HSP OverseasConnect®.
“With these proceeds, HSP will be dramatically enhancing its ability to go to market with the full solution set all organizations need as they expand and operate overseas,” said Larry Harding, Founder and President of High Street Partners. “HSP uniquely supports the entire spectrum of Finance & Accounting, Human Resources, and Legal requirements arising with an international business.”
This expansion round of financing will further spur High Street Partners growth. “We have a wonderful partnership with HSP’s management team,” said Benedict Rocchio, Partner with Baird Capital’s Venture group. “They have done an excellent job supporting their clients’ international needs with a solution that really resonates with Finance and HR executives in the middle market. We believe the company is well-positioned for continued success as the preferred partner to help companies grow their businesses globally.”
“HSP solutions help customers focus on driving their business,” Harding points out. “Our software, services, and proprietary content allow them to manage and control their international operations more effectively. We have extended the capabilities of HSP OverseasConnect beyond the core accounting, document storage, and expense reporting applications hosted on the platform today, and with the advent of HSP Global Payroll, we offer the first true SaaS application in the market.”
HSP Global Payroll allows customers to manage payroll in any country in a secure environment architected in accordance with global data protection requirements. It offers unprecedented flexibility and full compliance with local statutory requirements, completely from the cloud. “HSP Global Payroll is a cost effective solution whether you’re meeting the payroll needs for a single in-country employee or a significantly larger local presence,” Harding said.
“HSP is strengthening its cloud-based solutions in a unique way,” said Paul Flanagan, Managing Director at Sigma Partners. “Their business has grown tremendously, and we’re excited to continue to support the company as it pursues a rapidly expanding market opportunity.”
Combined with HSP Overseas Direct® managed service offerings, the HSP OverseasConnect platform provides solutions appropriate for the entire lifecycle of international expansion, from planning, set-up, and implementation services, to standard finance and accounting (“F&A”) outsourcing, to local statutory compliance and corporate secretarial (“CoSec”) services. Says Harding, “HSP offers the full range of solutions customers need related to their international operations. Some customers may choose to utilize only our technology platform, others only some or all of our managed services, and for others both solution sets are what best meets their needs. In all instances, HSP Advisory Services are available to provide guidance and expertise designed to deal with the inevitable complexities and challenges, of all kinds, that are apt to occur at any stage of the process.”
About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Baird Capital’s venture team invests in early and expansion-stage technology-enabled services and healthcare companies. Having invested in more than 260 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit www.BairdCapital.com.
About Sigma Partners
Founded in 1984, Sigma Partners is a leading early-stage venture capital firm. The Sigma team uses their deep operational experience to provide entrepreneurs with practical strategic counsel through every phase of company growth. With over $1.5 billion under management and bicoastal offices, Sigma invests in innovative technology startups across the United States. Some of the market leading companies in which Sigma has invested include Atria, Aprimo, Acquia, Internet Security Systems, Initiate, m-Qube, Nasuni, Octane, Rethink Robotics, Storage Networks, Tradex, Vermeer, Vignette, and Vlingo. For more information, please visit www.sigmapartners.com.
About Gold Hill Capital
Gold Hill Capital is a private venture firm focused on providing debt and equity capital to expansion stage, technology companies. Gold Hill works with companies to deliver flexible financing solutions. Gold Hill is headquartered in San Jose, CA with an office in Boston, MA.
About High Street Partners
High Street Partners is a premier provider of international business software and services. Its mission is to help companies capitalize on their international growth opportunities by simplifying the management and control of international expansion and operations. HSP’s signature solutions include HSP Overseas Direct®, an integrated service bundle which incorporates all required recurring services, including international payroll, expense reimbursement, cash management, vendor payments, bookkeeping, quarterly and annual tax filings, and local statutory compliance, and HSP OverseasConnect®, a cloud-based application for the aggregation and management of accounting, finance, HR and legal requirements across multiple geographies and lifecycles. Both solutions are offered with a full suite of custom Advisory Services. HSP provides a single point of accountability for customers spanning a range of industries and sizes: from those making their first overseas hire, to larger, publicly traded companies managing multiple subsidiaries on several continents, to top universities and research institutions operating in dozens of countries. HSP now has 15 global offices, including Annapolis, Atlanta, Boston, Dallas, Miami, New York, San Diego, Silicon Valley, Hong Kong, London, Munich, Shanghai, Singapore and Tokyo. For more information, call 1-888-881-6576 or visit www.hsp.com.