CloudPay Announces Raising $25 Million in New Capital
May 3, 2018
CloudPay, a leading provider of enterprise global payroll services, aims to use new funding to further expand the market for its award-winning technology platform and services to more multinational companies.
NEW YORK — May 3, 2018 — Global payroll technology leader and services provider CloudPay today announced that it has raised an additional investment of $25 million in capital from Rho Ventures, Pinnacle Investment Partners, and Hercules Capital. This new funding will be used to further enhance CloudPay’s award-winning technology platform and expand its market and global presence.
Historically focused on the mid-enterprise global payroll market, CloudPay plans to use the new funding to scale its platform for use by smaller multinationals - allowing more global companies to take advantage of its sophisticated cloud payroll technology and compliant services in over 120 countries.
“Today’s interconnected global workforce allows even the smallest companies to have a global employee base,” said Paul Bartlett, CEO of CloudPay. “The size of a company should not determine the level of compliance and sophistication it can demand from its payroll providers. All organizations need a robust global payroll platform that delivers timely, accurate and compliant payroll. We’re now scaling our SaaS technology to support smaller and emerging companies, as well as larger enterprises,” Mr. Bartlett added.
CloudPay is immediately deploying the new funding to grow its global operations team by opening service centers in four additional countries later this year. The payroll company aims to respond to what it recognizes as a growing need for centralized global payroll that can boost the performance of multinational organizations of all sizes.
“CloudPay has made its mark providing payroll services to large multinationals for over 20 years,” said Joshua Ruch, Managing Partner of Rho Ventures. “As CloudPay invested in an increasingly automated and integrated offering, it became abundantly clear that the platform can be equally transformative for smaller and emerging businesses at a scale not possible with legacy global payroll providers,” Mr. Ruch added.
CloudPay provides managed global payroll services to multinational organizations through a single, unified SaaS solution. By delivering end-to-end managed payroll services through an innovative platform, CloudPay ensures consistent and compliant payroll around the globe while reducing operating costs and minimizing manual processes. The CloudPay solution is backed by deep industry expertise earned over twenty-plus years delivering services to over 2,400 multinational entities. CloudPay’s solution guarantees accurate payroll processing across 120+ countries in more than twenty-five languages. For more information visit www.cloudpay.net.