SOURCE: CloudPay

CloudPay

March 03, 2014 07:00 ET

Building on Record Performance in 2013, CloudPay Enters 2014 With Rapid Momentum and Strong Growth

Global Payroll Solutions Provider Experiences Robust Growth, Expands to New Markets and Receives Several Industry Distinctions Over Past Year

RALEIGH, NC and LONDON, UNITED KINGDOM--(Marketwired - Mar 3, 2014) - CloudPay, the pioneer of SaaS-based payroll automation for multinationals, today announced details of the significant growth the company achieved throughout 2013. From welcoming many new clients, expanding its business to new markets, introducing a new automated payroll payment solution, sharing its thought leadership in the global payroll space and receiving high-profile industry recognition, CloudPay continues its strong growth trajectory into 2014.

"Over the course of the last year, CloudPay has continued to bring new innovations to the global payroll experience, offering a consistent process delivered through a single global SaaS-based technology platform," said Andrew Pearson, CEO of CloudPay. "As a result, we have been able to help a rapidly growing number of multi-national organizations to manage their payroll costs, gain greater visibility and control, and eliminate inconsistent processes and disparate systems when compensating their global employees."

Welcoming New Clients
Throughout 2013, CloudPay has added a significant number of new clients who sought to bring greater efficiencies to their global payroll programs, while reducing operating costs and minimizing risk. The significant client growth has contributed to CloudPay's strong performance, with the company growing revenue by 40 percent year on year between 2012 and 2013. In addition, CloudPay maintained an exceptional client retention rate of 98 percent. The company's new clients represent a wide variety of industries and are located across the globe. Several of CloudPay's recently added clients include a major global office services company, a world leader in the recruitment industry, a global investment management firm, a financial services firm providing investment advisory services, a global supplier of leading optical network solutions, and a leading multi-national media and information firm.

A True Hybrid Model
Another key to CloudPay's growth in 2013 has been the expansion of its in-house payroll processing capabilities, which enable the company to present clients with a true hybrid model for their global payroll function. With in-house capabilities now in 17 countries, combined with an extensive network of shared service centers and global partners, CloudPay is able to help any organization, no matter where they have employees, to ensure accurate, timely and compliant compensation. Moreover, whether leveraging its in-house payroll processing capabilities or the company's payroll partners, CloudPay's clients benefit from a single user experience, with all data residing in the CloudPay platform.

Expanded Presence in Brazil through Apdata Partnership
As CloudPay continues to grow, it continues to expand its operational capacity to new markets that can benefit from the company's comprehensive global payroll solutions. In October 2013, CloudPay opened its new office in Brazil, established to help the growing number of multi-national organizations operating in this growing market to comply with the country's complex payroll regulations. To meet this goal, CloudPay forged a strategic partnership with Apdata, a leading provider of payroll solutions in Brazil, whereby Apdata's payroll engine has been embedded into CloudPay's global payroll management platform.

New Global Payroll Payments Solution with Western Union Business Solutions
CloudPay also formed a strategic alliance with Western Union Business Solutions to develop an innovative joint service offering designed to set a new standard for the way multi-national organizations compensate their global employees. Through this automated payroll payment solution, CloudPay enables a unified approach for all payments, tracking activities and data management. The solution also allows multi-national organizations to simplify reconciliation and reduce costs and administrative processes, while helping them overcome language and cultural barriers when compensating their global employees. CloudPay has already experienced rapid adoption of the solution.

New Addition to Board of Directors
In July, CloudPay expanded its board of directors with the addition of business and consulting expert Michael Patsalos-Fox. He brings extensive experience gained throughout a highly accomplished career in business development, which included several leadership positions with McKinsey & Company for more than three decades. Leveraging this expertise, Patsalos-Fox is instrumental in steering the direction of CloudPay's growth and innovation as it continues to bring new advancements to the payroll space.

Thought Leadership and Industry Recognition
Over the course of 2013, CloudPay has shared its thought leadership in the global payroll industry through a number of venues. Most prominent, the company highlighted its industry-leading solutions at the Workday Rising 2013 conference. As a Workday partner and silver sponsor of the event, CloudPay demonstrated how its solutions can create a seamless payroll process no matter where organizations hire talent. CloudPay also shares its expertise in an ongoing webinar series titled, "Going Global," which addresses the regulatory changes and biggest payroll challenges in key markets around the world, and through a monthly column in Purely Payroll magazine, highlighting its knowledge of the latest legislations within the global payroll space.

As CloudPay continues to lead the way in innovative global payroll solutions, the industry has taken notice. Early in 2013, the company was recognized as a Major Contender in the Everest Group PEAK Matrix for Multi-Country Payroll Outsourcing (MCPO) for its overall delivery capability and strong market success. CloudPay also received high-profile recognition as a winner of the 2013 Red Herring Top 100 Europe Award as one of the most promising private technology ventures in Europe.

"If anyone has any doubt, global payroll is particularly tough. With over 200 countries and countless tax and regulatory bodies/rules to deal with, multi-national employers almost always have a well-connected partner with a strong technology base to help them," said Brian Sommer, CEO of TechVentive. "CloudPay is a global payroll solution provider that has wide coverage, a cloud-based solution, a nice set of alliance partners (including a cool payment mechanism with Western Union Business Solutions) and its own in-house capabilities for many major markets."

"2013 was an incredibly successful year for us -- not just in terms of business growth and financial success, but also in expanding our market position as the foremost provider of global payroll solutions," said Andrew Pearson, CEO of CloudPay. "As we continue to expand to new markets, add some of the most talented industry leaders to our team, bring our expertise and knowledge to new audiences and gain high-profile industry recognition, we expect 2014 to be even more successful."

About CloudPay
CloudPay's pioneering Software as a Service technology and extensive payroll expertise helps organizations streamline global payroll operations, increase efficiencies and benefit from unprecedented business insight and intelligence. Recognized by Gartner as a Cool Vendor and by Everest Group as a Major Contender in Multi-Country Payroll Outsourcing, CloudPay is setting the standard for multi-national payroll management. For more information about CloudPay, please visit www.cloudpay.net or visit us on Twitter at _CloudPay.