Additional growth capital to be used to accelerate the development of SilkRoad's industry-leading SaaS solutions
CHICAGO, September 16, 2021--(BUSINESS WIRE)--HighBar Partners ("HighBar"), a Menlo Park, CA-based private equity investor, today announced its acquisition of SilkRoad Technology ("SilkRoad"), a global software and cloud-based technology platform designed to increase employee satisfaction and productivity. In combination with the deal, HighBar Partners will provide additional growth equity financing to further develop SilkRoad’s industry-leading SaaS capabilities, elevate its technology stack and deliver new secure global business solutions that support digital and workforce transformation in this expanding market.
The investment follows a year and a half of global workforce changes, which has presented business leaders with a once-in-a-lifetime opportunity to reevaluate and reinvent the role and impact of talent within their organizations. Existing investors Foundation Capital and Two Sigma Ventures are participating in the growth equity financing for SilkRoad with HighBar.
"HighBar is thrilled to partner with SilkRoad Technology as we recognize the criticality of the employee experience and the need for digital solutions to drive mobility, productivity and revenue performance," said Jayson Yuan, Partner, HighBar Partners. "SilkRoad's existing capabilities in and vision for the talent management space put the company in a strategic position to drive significant change for enterprise organizations, to assist in the deployment of talent where the organization needs it most, and to accelerate employee contributions delivering impactful outcomes for its customers. Finally, we welcome the continued participation and partnership of Foundation Capital and Two Sigma as a recognition of SilkRoad's vision and capability to excel in the coming years."
"Entering this new phase of growth and innovation, we're excited to partner with HighBar as we share a client-centric, innovative, outcome-oriented approach. HighBar offers resources and guidance to organizational strategy and performance that we’ll need to lead clients to new levels of resilience and business value. Stronger executive insights, enterprise visibility and modeling will help companies adopt agile talent strategies powered by an energized, continuously relevant employee base," said Robert Dvorak, President and CEO of SilkRoad Technology. "Together, our core solutions and long-term capabilities will put our clients in a position to effectively navigate any change or disruption with greater predictability that doesn't exist today."
Cowen, Inc., served as financial advisor to SilkRoad Technology and Winston & Strawn, LLP, served as legal counsel. Goodwin Proctor, LLP, served as legal counsel to HighBar Partners. Debt financing for the transaction was provided by Bridge Bank.
HighBar Partners is a private investment firm that provides strategic growth capital to enterprise and infrastructure software companies, with a focus on long-term value creation. HighBar structures its investments to align all stakeholders, while working alongside management teams to develop a long-term strategy to unlock operational value. For more information, visit www.highbarpartners.com.
About SilkRoad Technology
Since 2003, SilkRoad Technology's software and services platform has helped our clients attract, retain and align people to their business. Their solutions start with Global Client Services to provide strategic HR and business expertise. SilkRoad then designs secure solutions tailored to individual business requirements at scale for global companies. They deliver personalized experiences for employees to drive engagement across the employment lifecycle to enable measurable and improved business outcomes.
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