RALEIGH, NC and LONDON--(Marketwire - Mar 7, 2013) - CloudPay, the pioneer of SaaS-based payroll automation for multinationals, today announced another year of record growth as it continues to outpace the competition. For 2012, year-over-year bookings grew by 70 percent, fueled by strong expansion, an influx of new clients and increased business from its current customer base.
The market opportunity for CloudPay is significant and developing. According to global market intelligence firm IDC, the cloud software market reached $22.9 billion in 2011 and is expected to grow to $67.3 billion by 2016. Additionally, multinationals are seeking competitive advantage by better utilizing information and Big Data initiatives are becoming common place, fueling a trend to centralize global payroll operations. Experts from advisory and research firm Everest Group suggest the multi-country payroll outsourcing services market, currently valued at $600 million, will be boosted by globalization, corporate adoption of SaaS and increasing centralization of multi-national payroll management and will grow to $1.3 billion by 2014. CloudPay's position as the pioneer of SaaS payroll for multinationals, together with its 17-year pedigree providing global payroll services, means that it is uniquely positioned to benefit from the market trends and continue to enjoy exceptional growth.
"The value that our solution delivers is reflected by exceedingly high rates of customer base retention, plenty of new business and a strong pipeline," said Andrew Pearson, CEO of CloudPay. "We've assembled a highly qualified executive team and board, invested throughout our organization and strengthened the balance sheet with our Series B round of funding to ensure we are able to aggressively accelerate our leadership position."
"IDC and Everest certainly have it right," said Bill Kutik, technology columnist for Human Resource Executive magazine. "The demand for global payroll is exploding, and the old ERP on-premise model of expensive licenses for each country, no matter how few people might be paid there, is not meeting companies' needs, and outsourcing often does."
CloudPay's exceptional results in 2012 validate the company's overall strategy:
- CloudPay has grown its client base with the addition of numerous leading brands from the Global 2000 and Fortune 500. The company's international client base spans the entire globe, with payrolls in live operations in more than 100 countries.
- CloudPay has doubled the number of clients with recurring revenue of more than $1 million for two successive years.
- CloudPay's largest client now uses the CloudPay platform live in 80 countries, achieving the economies of scale, scope and process efficiencies that are underpinned by the company's SaaS-based global payroll offering.
- CloudPay extended its management team with key appointments; expanded its offices in Raleigh, London, Singapore, Shanghai and Paris; and opened a new office in Budapest.
- In order to execute on the company's strategy and maintain the level of service for which it is noted, CloudPay plans to nearly double its employee count to 300 by the end of 2013.
CloudPay's market position and strategy has been validated by industry experts. In 2012, the company was recognized as a "Major Contender" in Everest Group's inaugural Multi-Country Payroll Outsourcing (MCPO) Service Provider Landscape and Capability Assessment report and included in Montclair Advisors SaaS Top 250 company listings. Following CloudPay's extensive and highly successful re-branding in October, the company also announced in December that it had closed on a growth round of capital in which it raised a total of $16 million.
"Organizations across every industry are challenged to improve their global payroll processes and seek a company that can provide a robust solution that brings greater control and visibility," stated Pearson. "This opens up an enormous opportunity for CloudPay across the market, particularly with our proven track record of focusing on the dual and complementary tracks of innovation and meeting our customers' needs. CloudPay is positioned for market leadership, possessing a platform-based global payroll offering delivered via a modern process model and underpinned with service quality commitments that the market increasingly demands but is not offered by the legacy payroll vendors."
CloudPay's pioneering Software as a Service technology and extensive payroll expertise helps organizations streamline global payroll operations, increase efficiency and benefit from unprecedented business insight and intelligence. CloudPay is setting the standard for multi-national payroll management. For more information about CloudPay, please visit www.cloudpay.net