2012: Another Record Year
Mar 7, 2013
Throughout CloudPay’s 17-year history, we have strived to develop the most innovative global payroll solutions. As market and customer needs have evolved, we have made it our goal to deliver pioneering solutions that help clients attain greater control of their payroll, in all corners of the world, most recently with the launch of our market leading SaaS global payroll platform, CloudPay. Our efforts haven’t gone unnoticed and I am pleased to report that 2012 was a year of record growth, as year-over-year bookings increased by 70 percent.
As organizations increase their rate of international expansion, they seek ways to better capture data and utilize the information derived to gain competitive advantage. These ‘Big Data’ initiatives have lead many to explore the benefits of a centralized global payroll management solution and CloudPay is being evaluated by unprecedented numbers of multinationals. Our strong growth has been fueled by new business, and we are delighted to have added leading brands from the Global 2000 and Fortune 500 to our client list. However, I am even more pleased that we have enjoyed an exceedingly high rate of customer retention, and many of our customers continue to expand and utilize CloudPay to help them do so. Our international client base now spans the entire globe, and CloudPay is being used to manage in more than 100 countries.
High rates of growth require high rates of investment, and in 2012 we secured a significant round of Series B funding. We raised a total of $16 million, giving us the resources to aggressively pursue our ambition to become the standard solution for multi-national payroll management. We have also expanded our offices in Raleigh, London, Singapore, Shanghai and Paris, and opened a new office in Budapest, to ensure close proximity to our global clients. To further improve the high level of service our customers value, we plan to double the current CloudPay employee count by the end of 2013, with the majority of investment being made in transition and implementation consultancy, training and service delivery.
Industry analysts predict that the cloud software market will grow to $67.3 billion by 2016,and the multi-country payroll outsourcing services market is expected to double in size in 2013.With these market trends, and our designation last year as a Major Contender in multi-country payroll outsourcing by Everest Group, CloudPay is well positioned to achieve continued exceptional growth.
I’d personally like to thank our customers, our partners and each and every member of the CloudPay team for helping to make our record growth possible and ensuring that we are well set to sustain this momentum through 2013.