$30 Million Secured in Series A Funding
Dec 17, 2008
Patersons HR and Payroll Solutions Secures $30 Million in Series A Funding
-Leader in Global HR and Payroll Solutions Sets Sights on Further Expansion-
RALEIGH, N.C. and SALISBURY, U.K. (17 December 2008) – Patersons HR and Payroll Solutions a leading global HR and payroll software and services business delivering expert solutions to clients in more than 160 countries, today announced details of its Series A financing. The round of $30 million was led by Rho Ventures and partner, Paul Bartlett, has joined Patersons’ board of directors. Investment banking firm, Montgomery & Co., advised and managed the placement.
Previously financed by a group of private investors, Patersons HR and Payroll Solutions was founded in 1996 by Chief Executive Karen Paterson. Paterson identified the crucial role that the Internet was going to play in global HR and payroll business processes and developed the company’s native Web-based offering, CloudPay. CloudPay fully leverages the Software-as-a-Service platform and features robust functionality, including employee and manager self service; a global multi-lingual, multi-currency HR suite; online global payroll processing; expatriate management; performance management; flexible benefits and benefits administration; and a full business intelligence and reporting suite. In 2007, the company had grown 395% over the previous year and Patersons has rapidly earned recognition as a forerunner of the next-generation of payroll and HR management solutions.
Karen Paterson commented, “The confidence that our investors have placed in us is second only to that of our growing customer base. These funds will be used to support our continued global growth, as well as expand operations and customer support, as well as to increase our sales presence.”
Paul Bartlett, partner at Rho Ventures, said, “Patersons HR and Payroll Solutions has tackled a long-standing problem that traditional ERP vendors and legacy payroll outsourcing providers have been unable to resolve. Using the Software-as-a-Service (SaaS) delivery model, Patersons has developed the world’s first single platform, single contract approach to global payroll processing, thus addressing a market opportunity created by the inefficiencies of existing solutions.”
Global payroll management for multi-national organisations is particularly challenging, as each country – and oftentimes region, state and local municipalities – have specific regulations guiding payroll taxes. Given these complexities, in addition to the support inherent in its offering, Patersons has also developed an online community for its global customers that can be accessed at www.patersons.net. This community provides additional educational materials, as well as a schedule of Patersons’ partner and customer webinars.
Patersons’ global headquarters is located near Stonehenge in Salisbury, U.K. The company’s U.S. headquarters is located in Raleigh, N.C. Regional offices include Singapore, Paris and Shanghai.
About Rho Ventures
Rho Ventures, a division of Rho Capital Partners, has been backing emerging and high growth companies primarily in the U.S. since its inception in 1981. Venture capital and growth equity funds under management currently exceed $1.5 billion. Rho Ventures has invested in approximately 200 companies and helped build market leaders across many high growth industries. The firm is currently investing Rho Ventures VI, a $510 million fund launched in 2008. Previous investments include Ciena Corporation, Compaq Computer (currently part of Hewlett Packard), Diversa, Human Genome Sciences, iVillage (currently part of NBC Universal), Leukosite (currently part of Millenium Pharmaceuticals), MedImmune, Senomyx, Silicon Graphics, Vanda Pharmaceuticals, Vicuron and Yantra (currently part of Sterling Commerce). For additional information, please visit www.rho.com.
About Patersons HR and Payroll Solutions
Headquartered in Salisbury, U.K. with offices in the U.S., central Europe and Asia, Patersons HR and Payroll Solutions is a leading global HR and payroll software and services business delivering expert solutions to clients in more than 160 countries. The Company’s secure Internet-based software as a service is multi-currency and multi-lingual (covering over 30 languages), features an easy-to-use interface, supports fast implementation times and facilitates integration with existing systems. Patersons HR and Payroll Solutions differentiates itself by: one contract, one software solution, one enterprise interface and one cohesive system approach. As a result, Patersons has proved the impossible by being able to run multi-jurisdictional payroll rules for multiple clients on one database and one instance of source code worldwide.
More information and contact details can be accessed at www.patersons.net.
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