W.R. Hambrecht + Co.  is a financial services firm that uses technology and the auction process to provide openness, fairness and access for investors, as well as fair pricing in capital-formation and securities-exchange processes. The Company's innovations include: OpenIPO, an auction-based model for initial public offerings; OpenBook, an auction for corporate debt offerings; and OpenFollow-On, an auction-based model for follow-on offerings. WRH provides underwriting and advisory services for technology and emerging growth companies, as well as equity research, sales and trading, corporate and venture services, online brokerage and private equity offerings for institutions and individuals. WRH is headquartered in San Francisco with offices in New York, Boston, Philadelphia and Chicago.