In 1996, Patersons HR and Payroll Solutions created a venture called CloudPay to offer payroll and payment services to enterprise clients. Over the years, CloudPay quietly expanded, incorporating workflow automation to stay competitive. According to CFO Andy Thomson, the company is still growing and currently manages payroll for 280 firms, including major companies like Visa, Wayfair, Wells Fargo, Expedia, and The London Stock Exchange. CloudPay processes over 3 million pay slips annually across more than 130 countries.
Thomson mentioned that the company's contracted revenue is now $125 million, having more than doubled over the past three years. Recently, CloudPay secured $120 million in new funding led by Blue Owl Capital, bringing its total funding to $228 million and significantly increasing its valuation compared to the previous round in October 2022.
Thomson emphasized the need for CloudPay to adapt to changing customer expectations, driven by a fast-paced, on-demand culture and increasingly complex global compliance requirements. CloudPay now offers a wide range of services, including global payroll, salary payments, and pay-on-demand options. Payroll professionals benefit from real-time reporting and customizable dashboards, while finance teams have access to various localized payment and funding options.
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