SilkRoad Technology, a US-based human resource platform developer backed by semiconductor manufacturer Intel’s corporate investment arm, Intel Capital, was acquired by private equity firm HighBar Partners last week.
In addition to the acquisition, HighBar is leading a new equity round for SilkRoad, the amount of which is undisclosed, that also features Foundation Capital and Two Sigma Ventures.
Founded in 2003, SilkRoad provides cloud-based human resources software that helps businesses attract, onboard, develop and retain employees. The proceeds from the equity injection will go to developing its technology stack and software offering and pursuing opportunities related to the changing digital work landscape.
SilkRoad benefits from tailwinds such as a heightened demand for tailored human resources in the wake of the coronavirus pandemic as more workers have migrated online.
The company’s last equity round was a $14m series E in 2014 that included Intel Capital, Azure Capital Parnters, Tenaya Capital and Two Sigma Investments, taking its overall funding to at least $159m.
Intel Capital had participated in a $16m growth round for SilkRoad in 2013 that also featured Keating Capital, Foundation Capital, Crosslink Ventures and Azure Capital Partners.
Intel Capital also took part in SilkRoad’s $35m series C round in May 2012 alongside NTT Finance, a subsidiary of telecommunications firm NTT, as well as Keating Capital, Crosslink Capital, Tenaya Capital, Azure Capital Partners and Foundation Capital.
Robert Dvorak, chief executive of SilkRoad Technology, said: “Entering this new phase of growth and innovation, we are excited to partner with HighBar as we share a client-centric, innovative, outcome-oriented approach.
“HighBar offers resources and guidance to organisational strategy and performance that we will need to lead clients to new levels of resilience and business value. Stronger executive insights, enterprise visibility and modelling will help companies adopt agile talent strategies powered by an energised, continuously relevant employee base.
“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 does not exist today.”
