SilkRoad technology, inc. Raises $10 Million in Growth Capital

Business Wire, Feb 19, 2008

Azure Capital Partners Leads Investment Round

WINSTON-SALEM, N.C. -- SilkRoad technology, inc., a leading provider of a full suite of Web-based Talent Management solutions, announced today that it has secured $10 million in growth capital led by new investor Azure Capital Partners, joining existing investor, SilkRoad Equity and individual investors. The funding will enable significant expansion of SilkRoad technology's direct sales and marketing efforts, as well as support new product development.

"This capital raise validates SilkRoad's success in the Talent Management market with our unmatched suite of products that provide demonstrable benefits to our clients," said Andrew J. "Flip" Filipowski, Chairman and CEO at SilkRoad technology. "As the need to attract and retain top talent continues to rapidly grow, SilkRoad is in a prime position to further broaden our offerings and enhance our leadership position in the market."

Cameron Lester, General Partner at Azure Capital Partners, who joined the board of directors of SilkRoad technology in conjunction with the funding, said, "SilkRoad has done an extraordinary job bringing to market solutions for addressing talent issues within hundreds of organizations across the globe. We believe that it has the product suite, the leadership team and the vision to become a very large company in this fast-growing market."

About SilkRoad technology, inc.

SilkRoad technology, inc. provides software as a service (SaaS) solutions that significantly improve the talent within its more than 700 customers across the globe. Through SilkRoad's Life Suite, an integrated talent management solution, companies are able to hire better employees, identify high and low performers, drive a pay-for-performance culture and improve employee tenure. The SilkRoad Life Suite solution set includes OpenHire[TM], for recruiting management, RedCarpet[TM] for employee onboarding and life events, WingSpan[TM] for flexible employee performance management, GreenLight[TM] for compensation management, and Eprise[TM] for employee intranets and content management.

SilkRoad technology is headquartered in Winston-Salem, NC with offices in Bedford, MA; Chicago, IL; West Long Branch, NJ; and Hamburg, Germany. More information is available on the Web at www.silkroadtech.com or by phone: U.S. toll free at 866-329-3363 or internationally at +1-336-201-5100.

About Azure Capital Partners

Azure Capital Partners is a venture capital firm with over $650 million under management, headquartered in San Francisco, California. Its goal is to identify, invest in and help build earlier stage information technology companies that are at the forefront of a transformative opportunity for growth - companies like TopTier Software, VMware, WorldWide Packets and Bill Me Later. Its partners have a long track record of identifying and helping to build some of the most successful companies in communications, software and related technology segments. The Azure team is recognized for industry thought leadership and a unique professional investment approach to venture investing. Its proven methodology and primary research enable it to identify young companies in attractive markets whose business models provide sustainable competitive advantage. For more information, visit http://www.azurecap.com.

About SilkRoad Equity

SilkRoad Equity is a private investment firm founded by Andrew J. "Flip" Filipowski and Matthew Roszak, and is headquartered in Winston-Salem, NC. SilkRoad Equity targets investments in the areas of technology, life sciences, media and entertainment and real estate, and is comprised of a portfolio of companies that includes: Cryo-Cell, House of Blues, InterAct911, Mastro Auctions, MissionMode, onramp Branding, Primo Water, Rakote, SilkRoad technology, SolidSpace, TrueSystems and Vion Mobile. For more information, visit http://www.silkroadequity.com.