HighBar Partners, a Menlo Park, CA-based private equity investor, acquired SilkRoad Technology, 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 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,” Jayson Yuan, partner at HighBar Partners, said. “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,” Robert Dvorak, president and CEO of SilkRoad Technology, said. “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 served as financial advisor to SilkRoad Technology and Winston & Strawn served as legal counsel. Goodwin Proctor served as legal counsel to HighBar Partners. Debt financing for the transaction was provided by Bridge Bank.