CloudPay, a venture formed in 1996 by Patersons HR and Payroll Solutions, has quietly grown over the years, continuously adding workflow automation features to keep up with its competitors. According to CFO Andy Thomson, CloudPay now handles payroll processes for 280 firms, including major names like Visa, Wayfair, and Wells Fargo. The company processes over 3 million payslips each year across 130 countries, generating contracted revenue of $125 million. Over the past three years, CloudPay has more than doubled its revenue.
To further accelerate its growth, CloudPay recently secured a $120 million funding round led by Blue Owl Capital. This brings the company’s total raised funds to $228 million and values it significantly higher than in its last funding round in October 2022. Thomson acknowledges that customer expectations are evolving in an environment of constant change. Traditional payroll systems no longer suffice, and compliance and legislation have become more complex across different countries.
CloudPay has adapted to these changes by offering a range of global payroll services, salary payments, and pay-on-demand options. The company provides real-time reports and customizable dashboards for payroll professionals, while finance teams can choose from various funding and pay options tailored to their employees’ needs.
Despite the stiff competition in the payroll software market, CloudPay remains focused on innovation and technology. With a workforce of 1,350 people spread across multiple offices worldwide, the company plans to use the latest funding to onboard new integrated partners and invest in automation and AI technology. Thomson revealed that CloudPay expects to make AI announcements later this year.
In addition to Blue Owl Capital, Rho Capital Partners, The Olayan Group, and Hollyport Capital also contributed to CloudPay’s latest funding round. The company’s commitment to technological advancements and its ability to meet evolving customer expectations position it well for continued success in the payroll industry.