| 23 February, 2009 -
ANNAPOLIS, MD – February 23, 2009—International consulting firm High Street Partners announced today that it has received a minority investment from SVB Financial Group (SVB), parent company of Silicon Valley Bank. High Street Partners offers cross-border finance, accounting, compliance and HR-related services to U.S. companies operating overseas, including registration, payroll, accounting and bookkeeping, tax compliance, advisory, and HR localization services. The investment from SVB is the first external investment the firm has undertaken.
High Street Partners’ referral relationship with Silicon Valley Bank complements SVB’s international services and operations. The majority of SVB’s technology clients seek to do business outside the U.S. fairly early in their lifecycle and benefit greatly from access to expert, cross-border services.
“We believe this agreement, and the investment, will enable us to achieve our growth plans at a faster pace,” said Larry Harding, president of HSP. “We’ve had a mutually productive relationship with SVB since HSP’s founding in 2003, and this investment acknowledges the benefit we’ve provided to SVB clients operating overseas, and positions us to provide our support services to a broader market.”
HSP plans to use the funds to deepen its team, advance its marketing and business development initiatives and broaden its service offerings, including the pending rollout of HSP Overseas Connect®, a custom platform of applications designed for the finance, administration and HR needs of global, multi-entity companies.
High Street Partners is growing quickly, as U.S. businesses, particularly those in technology and life sciences, increasingly look overseas to stay competitive and remain viable. HSP helps these organizations break through the barriers of international expansion by guiding them through a myriad of entry requirements, and then managing their ongoing finance, compliance, and HR needs. To date, the company has helped over 150 public and private companies, professional services firms and top tier universities manage their operations in one or more foreign markets. HSP doubled its revenues in 2008, and the company expects significant growth in 2009. The firm ranked #84 on the Inc. 500 list of the fastest growing private companies in the U.S for 2008.
“Our technology clients consistently build international markets into their business plans and this expanded relationship with High Street Partners is a strategic investment on our clients’ behalf,” notes Marc Verissimo, chief strategy officer at SVB Financial Group. “Our high-growth clients require the expertise and operational support that HSP offers and we see a lot of opportunity in working together. HSP’s services are an important part of our clients’ success in expanding overseas.”
About SVB Financial Group
SVB Financial Group and its subsidiaries, including Silicon Valley Bank, are dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves companies in the technology, life science, venture capital/private equity and premium wine industries. Offering diversified financial services through Silicon Valley Bank, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services, SVB Financial Group provides clients with commercial, investment, international and private banking services. The company also offers funds management, broker-dealer transactions and asset management, as well as the added value of its knowledge and networks worldwide. Headquartered in Santa Clara, Calif., SVB Financial Group (Nasdaq: SIVB) operates through 27 offices in the U.S. and international operations in China, India, Israel and the United Kingdom. More information on the company can be found at www.svb.com.
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Financial Group is also a member of the Federal Reserve. The products and services offered by High Street Partners are not being offered by Silicon Valley Bank and its affiliates. Silicon Valley Bank and its affiliates are not responsible for the services and products that may be provided by High Street Partners.
About High Street Partners
High Street Partners is a global advisory services firm which offers cross-border accounting, finance, compliance and HR-related services to organizations doing business internationally. The firm provides a wide range of services related to the implementation and ongoing management of international subsidiaries and other entities, including registration, payroll, accounting and bookkeeping, tax compliance, advisory, and HR localization services. HSP expands the capabilities of the headquarters management team, allowing it to work strategically rather than operationally while mitigating risk. Clients span a range of industries across a broad size spectrum, from those with an emerging technology or service making their first overseas hire, to larger publicly traded companies managing multiple subsidiaries on several continents, to top universities and research institutes operating in dozens of countries. High Street Partners is headquartered in Annapolis, Maryland, with offices in Boston, New York, San Jose, San Diego, Tokyo, Hong Kong and London. For more information, call 1-888-881-6576 or visit www.hsp.com.
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Contact –
for High Street Partners
Brian Kramer/Nicole Slein
Schwartz Communications
781-684-0770
highstreetpartners@schwartz-pr.com
for SVB Financial Group
Carrie Merritt
SVB Financial Group
503-574-3705
cmerritt@svb.com
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