High Street Partners Announces Record Year in 2010

February 15, 2011

Tools

Revenue Growth, Client Satisfaction and Industry Recognition Among Highlights as the Leader in International Business Services Looks to Accelerate Expansion in 2011

ANNAPOLIS, Md.--(BUSINESS WIRE)-- High Street Partners (HSP) today announced record results for its fiscal year ended 2010. Spurred by significant new client acquisition and high client retention, HSP has established a leadership role in the international business services industry, positioning it for rapid expansion in 2011.

“2010 has been the busiest and most productive year in HSP’s history,” said Larry Harding, founder and president of HSP. “As companies, universities and non-profits across the U.S. and Europe continue to expand aggressively into global markets, they frequently need assistance with finance, HR and compliance issues. Headquarters-based executives in these departments have increasingly turned to HSP as their single point of accountability for international business services.”

Company Growth and Funding

HSP welcomed more than 100 new clients using HSP OverseasDirect^®, a technology-enabled service bundle that integrates payroll, HR, bookkeeping, tax filing and legal compliance, and significantly expanded the number of those using the firm’s Advisory Services. Clients included Tesla Motors, ANCILE Solutions, Ubicom, Roadnet Technologies and Duke University. Growth was fueled both by HSP’s increased sales and marketing focus, as well as market trends, which included continued expansion into BRIC countries and stricter compliance requirements in virtually all of the 80+ countries supported by HSP.

In April, HSP closed a $6 million Series B round of financing. Led by Sigma Partners and Baird Venture Partners, the funding enabled the firm to scale its sales and marketing operations in the U.S. and Europe and accelerate the development of its Software-as-a-Service solution, HSP OverseasConnect® 2.0, scheduled for launch in 2011.

Strategic Hires

HSP grew its domestic and international workforce by 30 percent, an expansion that included three key appointments:

Todd Horst, Vice President of Marketing—Horst leads HSP’s product strategy, lead generation and business development initiatives.
Andrew Jones, Vice President of Corporate Strategy—Jones has charge of HSP’s short- and long-term corporate strategy, focusing on key internal projects, fundraising and M&A opportunities.
Peter Troost, Vice President of Engineering—Troost spearheads the development of HSP’s technology solution, HSP OverseasConnect 2.0.

Industry Recognition

HSP earned a number of awards related to its leading presence in the emerging international business services industry and exceptional year-over-year growth. Awards include:

Entrepreneur of the Year^® Award—Larry Harding was named a finalist in Ernst & Young’s Entrepreneur of the Year Award for the Maryland region.
Inc. 500/5000—For the third year in a row, HSP made the list of fastest growing private companies in America.
Boston Business Journal Pacesetter Award—HSP was named the #1 Pacesetter for 2010, up from #4 in 2009.
Baltimore SmartCEO Future 50—For the second year, HSP was named to the Baltimore SmartCEO Future 50.

“International expansion shows no sign of slowing down,” Harding said. “Our clients are entering new countries and adding international employees rapidly, but as entities grow, operating efficiently often becomes more difficult. Our clients turn to us not only for assistance with essential recurring services, like processing their international payrolls, but also for advice on more sophisticated issues regarding compliance, employment and taxes. This deeper partnership is crucial to our strategy to serve as trusted advisors and providers of a truly unique customer experience.”

Harding is scheduled to speak at the Baird Business Solutions Conference and at CFO Rising Conference and Expo in early 2011.

About High Street Partners

High Street Partners (HSP), the leader in international business services, offers innovative, technology-enabled business solutions that simplify the management and control of international operations. HSP’s signature solution, HSP OverseasDirect^®, integrates payroll, HR, bookkeeping, tax filing and legal compliance. Enhanced by a full suite of Advisory Services and supported by a dedicated Account Manager, HSP OverseasDirect^® provides a single point of accountability for headquarters-based finance and HR executives. Clients span 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 has eleven global offices, including Annapolis, Atlanta, Boston, Miami, San Diego, San Francisco, San Jose, Hong Kong, London, Shanghai and Tokyo. For more information, call 1-888-881-6576, ext. 3333 or visit http://www.hsp.com.