Archive 09
High Street Partners Achieves Record Results and welcomes Bowne & Co. executive Gerard Phelan to Board of Directors |
| 5 November, 2009 - Annapolis, MD—High Street Partners (HSP) recently reported record net revenues for the third calendar quarter ending September 30, 2009. Third quarter net revenue increased by 17% compared with the previous quarter, a rise of 22% from the same nine month period in 2008. These results reflected growth across many different aspects of the business, including a greater demand for services from clients in each of its different market sectors—venture capital-backed high tech firms, larger public companies, major research universities and multinational not-for-profit institutions. Demand for services in China, the European Union, Africa and Latin America led the charge. “HSP’s solid results reflect our own growth, that of our clients, and the potential driven by the reviving economy,” said Larry Harding, president of High Street Partners. “Not only are most of the small- and medium-sized businesses we serve alive and well, they’re thriving, and continuing to take advantage of fast-growing global markets. We’re seeing a great deal of growth across the board, despite the turbulence of the last twelve months.” In September, High Street Partners was again listed on the Inc. 500, rising to #78 among the fastest growing private companies in America, up from #84 in 2008. High Street Partners also announced the addition of Gerard Phelan to its Board of Directors. Phelan is senior vice president at Bowne & Co., the New York based financial communications firm. “Gerard is one of the most accomplished relationship management and business development professionals I know,” said Harding. “His experience interacting with the legal, accounting, venture capital and investment banking professionals who advise our clients will help us chart a successful growth path. Similar to that of our partner Silicon Valley Bank, the Bowne example of high value-add, experienced professionalism and targeted client assistance fits High Street Partners’ model. We hope to replicate its success in numerous metropolitan markets. I look forward to tapping into Gerard’s insight during HSP’s next phase of growth.” HSP is also considering plans to raise at least $3M to $5M in a second round of external fundraising, following a minority investment by SVB Financial Group in January 2009. The new funds would help HSP build out its marketing and software development capabilities, and expand into new geographic markets. “We see significant growth potential in the international services market, so now is the ideal time to accelerate our expansion plans,” Harding said. “The last three years have validated the HSP concept: there’s a real need for a new class of professional services provider. Core business functions, such as accounting, human resources, compliance, tax and legal support, are always required by companies as they expand overseas. However, these foundational business services need to be coordinated in a more user-friendly manner by a single provider, and delivered in a cost-competitive way that takes advantage of software-as-a-service automation capabilities. High Street Partners provides that critical and missing element in one stop, ensuring nothing falls through the cracks.” ### |
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