Global Payroll and Treasury Services Provider Helps Organizations Accelerate Digital Transformation and Ensure Payroll Continuity While Navigating Unprecedented Times
NEW YORK and LONDON – February 2, 2021 – Leading global payroll provider CloudPay today announced details of its 2020 momentum, sharing it exceeded its pre-COVID new business plan growth by 50 percent. Particularly noteworthy was increased demand for CloudPay's expanded treasury services offering and an overall trend among its existing customers to consolidate even more payroll operations on CloudPay's platform.
Stacey Harris, Chief Research Officer and Managing Partner at Sapient Insights Group said, "We've watched CloudPay from start-up to established leader in global payroll, and its recent results are impressive in a year where we've otherwise seen a general contraction in the HCM space. Our research underscores the complexity of global payroll, and more than 49 percent of our global respondents choose to outsource in this area. CloudPay provides a critical solution in the underserved global payroll category, especially given its focus on customer satisfaction and technology."
New Customers, Expanded Relationships
CloudPay attributed much of its 2020 results to new customers, having expanded its new customer wins by 35 percent in a single year. Many customers chose CloudPay as their need to mitigate risk, consolidate vendors and ensure payroll continuity evolved in light of the COVID-19 pandemic. CloudPay signed its largest deal of the year with a global organization based in 40+ countries and with 25,000+ employees who will benefit from CloudPay's unified global payroll solution.
CloudPay CEO, Paul Bartlett, commented, "CloudPay has a proven track record of successful large-scale global payroll transformations for some of the world’s largest and most sophisticated customers in the banking, medical, high-tech, travel, and financial service industries. Our people and our focus on advanced automation cut down manual processes and reduce data integrity issues that plague many global payroll organizations. We've seen our solution become even more compelling as companies have needed to deploy automated solutions that can scale and contribute to business continuity plans."
Equally crucial to CloudPay's 2020 success was the continued growth among its installed base, with many longtime customers choosing to add more countries and employees to CloudPay's solution. In 2020, new customers saw an average of 1,030 employees start using CloudPay’s solution, establishing it as the payroll leader for mid to large global companies.
Investment In Continued Growth
In 2019, CloudPay announced its redesigned teams and processes to set the foundation for company growth. As part of this initiative, CloudPay's team grew from 400 to 600+ employees. Simultaneously, the company expanded its service offering to include global treasury services for organizations looking to consolidate payroll and payments processing.
CloudPay's Chief Strategy Officer, Josep Elias, commented, "We include our treasury services offering in 85 percent of new contracts with customers. Many of these organizations originally went to the market to improve their global payroll operations but are now clearly recognizing the value of combining payroll and payments into a unified process and governance model."
Winners of the Global Payroll Innovation Award in 2020, CloudPay was also recognized for its innovation by HRO today while consistently achieving service levels of 99.9 percent accuracy and timeliness. CloudPay raised $35 million in growth capital during 2020 and is preparing to bring new products to market in mid-2021.
CloudPay delivers end-to-end managed global payroll and payment services to thousands of multinational organizations through a single, unified cloud solution. Recognized as a leader by industry analysts and recipient of the 2020 Global Payroll Innovation Award, CloudPay's solution ensures accurate, compliant payroll processing across 130+ countries. Backed by a global team with deep industry expertise and a commitment to excellence, CloudPay's solution minimizes manual processes while reducing operating costs. For more, visit www.cloudpay.net.