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CloudPay Raises $16 Million in Series B Funding

Leader in SaaS-Based Multi-National Payroll Management to Expand Development, Service and Sales

LONDON and RALEIGH, NC -- (Marketwire) -- 12/05/12 -- CloudPay, the pioneer and foremost provider of multi-national payroll technologies and services, today announced that it has completed a $16 million Series B round from Pinnacle Investment Partners, Rho Ventures and other institutional investors. This strategic round enables CloudPay to consolidate its innovative SaaS platform as the standard for multi-national payroll management and further accelerate the strong growth that it has experienced in the last 18 months. As the use of the cloud for enterprise payroll management continues to gain significant momentum, CloudPay will focus on extending its technical, service and sales capabilities.

CloudPay has raised more than $50 million in equity funding since the launch of the company's cloud offering, also named CloudPay. Formerly known as Patersons, CloudPay adopted the name of its globally renowned SaaS technology in October 2012. Co-headquartered in Raleigh, N.C. and Salisbury, U.K., CloudPay supports multinationals across the globe. The company has the capability to process payroll in 160 countries, supports 30 currencies and 26 languages and maintains operations in Raleigh, N.C., Salisbury, Singapore, Shanghai, Paris and Budapest.

"Globalization and the competitive landscape it fosters are giving rise to borderless organizations. As a result, traditional businesses must modernize and become increasingly multi-national in their approach. Companies are leveraging the workforces of countries in which they've not previously operated to achieve their business goals," said Andrew Pearson, CloudPay's CEO. "These companies need a partner to help them navigate the complex and ever-changing processes, laws and regulations involved with global payroll. CloudPay is most often selected because of the efficiencies gained by the use of its centralized SaaS technology to ensure compliance, management control, global visibility and detailed business intelligence."

"It's rare that we encounter companies like CloudPay. They have a large market opportunity, clear competitive advantages and a great team," said Paul Bartlett, Partner at Rho Ventures. "The company is perfectly positioned for the next stage of growth, with a market leading SaaS technology platform, a long-term vision, and a durable business model."

CloudPay was advised by Raymond James & Associates, Inc. and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP.

About CloudPay

CloudPay is the pioneer and foremost provider of multi-national payroll technologies and services. CloudPay's world leading Software as a Service technology and payroll expertise enables organizations to control, consolidate, process and analyze their global payroll operations. CloudPay, from offices in Raleigh, N.C., London, Singapore, Shanghai, Paris and Budapest, is expanding as it seeks to set the standard for multi-national payroll management. For more information about CloudPay, please visit www.cloudpay.net

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