Boston April 30, 2009 — HighRoads, the company providing employers – for the first time – complete control over their health care costs and compliance, today announcedthat it has closed a $3 million debt facility from Toronto-based MMV Financial. HighRoads will use the funding to grow its client base through additional channel partners and expand its direct sales efforts. The Company is also backed by venture capital firms including Kodiak Venture Partners, ABS Ventures, AH Ventures and Egan-Managed Capital.
“We are pleased to have MMV support our continued growth in this difficult economy,” said Michael Byers, CEO of HighRoads. “This financing will address our working capital needs and enable us to focus on new channel development.” As health care costs continue to rise, more and more companies are passing the burden to employees. However, with HighRoads services HR teams can negotiate better pricing and map benefits plans more closely to the needs of their employees with unprecedented access to peers’ employee benefits plans and costs.
“HighRoads’ strong management team, combined with a superior solution to control rising health care costs and compliance, has positioned the Company to capitalize on the vast health care market,” said Ron Patterson, Executive Vice President, MMV Financial. “We are excited to be an investor in the Company and be a part of their ongoing success.”
About HighRoads
The world’s largest employers – such as General Dynamics, Honeywell, IBM, Kraft, Staples and Boeing – choose HighRoads to gain complete control over their health care costs and compliance. With HighRoads’ service, employers – for the first time — have online access to benefits plan information and pricing, competitive benefits benchmarks, and complete benefits supply chain management. The privately-held company is headquartered in Woburn, Mass.
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, HSBC Bank Canada, Fonds de Solidarité des Travailleurs du Québec, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com
Contacts:
Petra Marino
HighRoads, Inc.
(781) 503-4031
Ron Patterson
Executive Vice President
MMV Financial Inc.
(416) 977-9718