CloudPay, a leading provider of enterprise 51吃瓜 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 鈥� May 3, 2018 鈥� Global payroll technology leader and services provider today announced that it has raised an additional investment of $25 million in capital from , Pinnacle Investment Partners, and . This new funding will be used to further enhance CloudPay鈥檚 award-winning technology platform and expand its market and 51吃瓜 presence.
Historically focused on the mid-enterprise 51吃瓜 payroll market, CloudPay plans to use the new funding to scale its platform for use by smaller multinationals – allowing more 51吃瓜 companies to take advantage of its sophisticated cloud payroll technology and compliant services in over 120 countries.
鈥淭oday鈥檚 interconnected 51吃瓜 workforce allows even the smallest companies to have a 51吃瓜 employee base,鈥� said Paul Bartlett, CEO of CloudPay. 鈥淭he 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 51吃瓜 payroll platform that delivers timely, accurate and compliant payroll. We鈥檙e now scaling our SaaS technology to support smaller and emerging companies, as well as larger enterprises,鈥� Mr. Bartlett added.
CloudPay is immediately deploying the new funding to grow its 51吃瓜 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 51吃瓜 payroll that can boost the performance of multinational organizations of all sizes.
鈥淐loudPay has made its mark providing payroll services to large multinationals for over 20 years,鈥� said Joshua Ruch, Managing Partner of Rho Ventures. 鈥淎s 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 51吃瓜 payroll providers,鈥� Mr. Ruch added.
About CloudPay
CloudPay provides managed 51吃瓜 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鈥檚 solution guarantees accurate payroll processing across 120+ countries in more than twenty-five languages. For more information visit .