ANDOVER, England, Aug. 8, 2024 /PRNewswire/ -- CloudPay, the
leading independent provider of global payroll and payment
solutions, today announces the closing of a $120 million funding round led by Blue Owl
Capital with the participation of existing shareholders Rho Capital
Partners, The Olayan Group and Hollyport Capital. The funding
further strengthens CloudPay's capital base and provides
flexibility for future growth opportunities.
With a 30-year history of success, CloudPay has built a world
class customer base, collaborating with over 280 corporate clients,
taking care of their payroll and payment needs in more than 130
countries. The funding will allow strengthening of the customer
product and technology solutions such as deploying AI within data
management, automating and scaling of processes, and improving
connectivity via a comprehensive set of API solutions connecting
the partners of its global payroll, payment and HCM ecosystem.
"Global payroll is a growing market providing tremendous
opportunities for CloudPay and this funding gives us the
flexibility to accelerate our journey" said Dr.
Roland Folz, CEO of CloudPay.
"Our focus on payroll and payment offerings resonates very well
with our esteemed global clientele. With the support of Blue Owl
Capital, we are strengthening our capital base while continuing to
invest in our state-of-the-art solutions for global organisations
and their employees worldwide."
Kurt Tenenbaum, Managing
Director, Co-Head Menlo Park Office from Blue Owl
Capital added, "We have been impressed with CloudPay's growth,
experienced international leadership team, and customer commitment.
We are excited about what the future holds for CloudPay and are
proud to support their long-term growth strategy."
This funding round marks another significant milestone within
the long history of the company. CloudPay has now expanded its
workforce to over 1,350 employees globally to deliver accurate,
on-time pay to employees across more than 130 countries. In
addition, CloudPay has consistently achieved an annual growth rate
well in excess of the market average. Recently, CloudPay was
recognised as a Major Contender (Global) and Star Performer (EMEA)
in the Everest Group Multi-Country Payroll (MCP) Solutions PEAK
Matrix Assessment 2023, and a Top 3 Leader in the Quadrant
Knowledge Solutions 2023 SPARK Matrix. In addition, recognition
extended into financial technology, with awards of GOLD in Emerging
FinTech and Payment Solution Disruptors and SILVER in FinTech,
Financial Services, Payments and Banking Disruptors at the 2024
GLOBEE® Disruptor Awards.
About CloudPay
CloudPay is an organisation united by a
single purpose – to modernise the payroll experience, raising the
importance of payroll beyond an operational function to become a
true business advantage. With a proud heritage of over 25 years, we
are trusted to manage the payroll processes of 250 global
organizations, processing over 3 million payslips a year in over
130 countries, handling over $24
billion of payments in 168 currencies. Our integrated
portfolio of payroll, payments and pay on-demand solutions are
delivered through a single cloud-based platform that can be
deployed anywhere in the world. By unifying payroll, payments and
HCM functions and leveraging the latest technology, we can
transform pay processes, making them fast and friction-free. To
learn more, visit: www.cloudpay.com.
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