Andover-based CloudPay, an independent global payroll and payment services provider, announced that it has closed its funding round worth $120 million. Such an investment was led by Blue Owl Capital with the participation of existing shareholders, including Rho Capital Partners, The Olayan Group, and Hollyport Capital. This funding will increase the capital base for CloudPay, further providing it with flexibility to engage in many more opportunities under its growth and expansion programs in the near future.
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CloudPay is running payroll procedures for 250 global organizations and processing more than three million payslips per annum across more than 130 countries. All such great coverage and expertise underline the core role that the company plays in the global payroll market, growing significantly and offering good opportunities for expansion.
The new money it acquires will be used in customer product and technology services at CloudPay. It will introduce artificial intelligence in data management, introduce automation and scale up processes, and be more connected. This will make its services even more efficient and effective, therefore offering more value to customers around the world.
Chief Executive of CloudPay, Dr. Roland Folz, showed hope in the future prospects of the company. He said, “Global payroll is a growing market offering tremendous opportunities for CloudPay, and this funding gives us the flexibility to accelerate our journey. Our focus on payroll and payment offerings resonates very well with our esteemed global clientele. With the support of Blue Owl Capital, we’re strengthening our capital base while continuing to invest in state-of-the-art solutions for global organisations and their employees worldwide.”
Kurt Tenenbaum, managing director and co-head of the Menlo Park Office at Blue Owl Capital, also said he is excited about what the future holds for CloudPay. He added, “We have been impressed with CloudPay’s growth, its experienced international management team, and customer commitment. We are excited about what the future holds for CloudPay and are proud to support their long-term growth strategy.”
It served as a vote of confidence in the strategic direction that CloudPay is undertaking and, more importantly, its ability to come up with innovative solutions within the payroll and payment services sector. With the backing of leading investors like Blue Owl Capital, the company can scale growth at par with the opportunities popping up in the global payroll market.
Through innovation and addition to its products and services, CloudPay remains focused on excellent customer service. No doubt, further advanced technologies integrated into its capital base would strengthen the edge of the company, thus keeping CloudPay at the top of the industry.
One of the major steps of this journey for CloudPay, this funding round accelerates its way to increased growth and success through the dynamic global payroll market. With a clear vision and a strong base grown organically, CloudPay is sure to scale greater heights in the years ahead.
