ANNAPOLIS, Md. -- Soraa, which has pioneered technology that makes LED lamps brighter and more energy efficient, is expanding internationally, starting with the UK, France, Italy, Taiwan and Germany. To manage rapid expansion in such diverse markets, Soraa has tapped High Street Partners (HSP), the leader in international business software and services, specializing in helping organizations establish and manage new entities in high-growth markets worldwide.
“Soraa's newest generation of technology is a major milestone for the LED industry and a truly disruptive innovation,” said Jack Moyer, vice president of HR at Soraa. “The time to capitalize on this disruption is now, and key markets outside the U.S. will play an important role as we strategically align our business to make the most of this tremendous opportunity.”
To manage its rapid growth outside the U.S., Soraa is relying on Overseas Direct®, HSP’s family of managed services, and OverseasConnect®, cloud-based software that HSP developed to streamline the set-up and management of overseas entities. The combination of software and services simplifies complex processes such as strategic hiring, employee payroll and benefits, offering a step-by-step approach to managing the unique business, legal and compliance requirements of each new market.
“Soraa is driving innovation in a highly competitive and lucrative market for energy efficient lighting,” said John Clancy, president of High Street Partners. “Like many companies today, they recognize how important it is to be first to land and expand in new geographies. By removing the complexity of expanding into traditionally challenging markets, we give them complete confidence to target those geographies where opportunity for growth is greatest now.”
According to IHS Inc., shipments of LED lamps for lighting are set to increase dramatically in the coming years, rising to 2.4 billion units in 2016, up from 520 million in 2013. IHS also notes that “As retail prices for LED lamps have fallen, it’s become more obvious that they are an attractive alternative to conventional light bulbs, providing long-term savings in energy and replacement costs.”
Just weeks ago, Soraa announced the world’s most efficient LED, which it will integrate into the market’s first full-visible-spectrum, large form factor lamps. Founded in 2008, Soraa is the world leader in GaN on GaN ™ technology, enabling world record LED efficiencies in its Gen3 product. Soraa is headquartered in Fremont, California where it manufactures these products in the company’s state-of-the-art facility. Soraa will market a full line of LED replacement lamps in 2014, including PAR30, AR111, PAR38, MR16 and GU10. For additional information, visit www.soraa.com or follow the company on Twitter and Facebook.
About High Street Partners
High Street Partners (HSP) is a premier provider of international business software and services. Its solutions help organizations capitalize on their global growth opportunities by simplifying the management and control of international expansion and operations. With more than a decade of experience working with 600 customers in 110 countries, HSP is a trusted partner that delivers on a promise of International Expansion Simplified. The company offers a flexible, highly integrated solution set, which includes its cloud-based software suite HSP OverseasConnect®, with applications for global payroll, global accounting and global expense management, and HSP Overseas Direct®, a family of managed services including all activities required for establishing and operating an international office or entity. HSP also offers consulting services delivered under the HSP Overseas Advisory banner making it a one-stop-shop for international business. Serving a wide range of industries, commercial enterprises and educational institutions, HSP is committed to helping its customers succeed in their international endeavors. Headquartered in Annapolis, Maryland, HSP has offices worldwide including Boston, Silicon Valley, Toronto, Hong Kong, London, Munich, Shanghai, Singapore, Sydney and Tokyo. For more information, call 1-888-881-6576 or visit www.hsp.com.
Andy Beck, Makovsky - for Soraa