HighRoads Raises $9 Million in Series C Financing
HighRoads, the new way of managing human resource (HR) programs and suppliers, has closed $9 million in Series-C financing led by ABS Ventures. Return investors include Kodiak Capital, Egan-Managed Capital and AH Ventures. With this funding, the company welcomes Bill Burgess, managing partner at ABS Ventures, to its board of directors.
The proceeds of the financing will drive the expansion of HighRoads' solution portfolio to capitalize on six years of aggregated HR program pricing and performance information, collected since the company's inception. Future offerings will meet large employers' most pressing needs: new ability to control health care spend, and benchmarks to prove that they are getting best-in-class service from their providers.
“HighRoads' proven technology is meeting urgent market demand,” said Burgess. “The company is cracking the code for controlling health care costs at a time when the issues are getting bigger, with universal health care mandates, union negotiations and a soon-retiring workforce.”
HighRoads centralizes, streamlines and automates benefits-related activities, creating a data-driven framework for evaluating performance and managing costs. It creates a system of record for all HR programs and suppliers, making dynamic, disparate information useful across multiple processes and for year-over-year analysis.
“The need to manage HR programs and suppliers has never been greater due to their impact on the corporate balance sheet,” said Michael Byers, president and chief operating officer of HighRoads. “This round of funding ensures that we stay ahead of employers' needs, putting the benchmarking and performance evaluation information they've craved for decades right at their fingertips.”
More than 20 percent of the Fortune 500 relies on HighRoads to streamline the entire benefits management process. The company's technology-driven approach automates RFP's, streamlines the plan design communications processes, ensures compliance and makes supplier financial performance evaluations easy. HighRoads' customers include many of the world's most progressive employers, including Honeywell, IBM, Kraft Foods, Owens Corning, Pitney Bowes and Staples. ABS Ventures manages over $300 million in assets and brings deep experience in software, business services and health care IT. It has funded many of the industry's recognized leaders, including Workbrain, Synchronoss Technologies, PowerDsine and Theravance.
HighRoads, Inc. is the new way of managing HR programs and suppliers improving the employee experience while dramatically reducing costs for large, complex organizations. HighRoads has automated HR processes for more than 100 Fortune 500 employers along with 700 of their vendors, consultants and outsourced administrators in 75 countries. Clients include some of the world’s largest companies, such as General Dynamics, Honeywell, IBM, Kraft, Pitney Bowes and Staples. Founded in 1999, HighRoads is a privately-held company headquartered in Woburn, Mass.
For more information, please visit www.highroads.com