Leading global payroll provider CloudPay today announced details of its 2020 momentum, sharing it exceeded its pre-COVID new business plan growth by 50 percent. Particularly noteworthy was increased demand for CloudPay’s expanded treasury services offering and an overall trend among its existing customers to consolidate even more payroll operations on CloudPay’s platform.
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Stacey Harris, Chief Research Officer and Managing Partner at Sapient Insights Group, said, “We’ve watched CloudPay from start-up to established leader in global payroll, and its recent results are impressive in a year where we’ve otherwise seen a general contraction in the HCM space. Our research underscores the complexity of global payroll, and more than 49 percent of our global respondents choose to outsource in this area. CloudPay provides a critical solution in the underserved global payroll category, especially given its focus on customer satisfaction and technology.”
New Customers, Expanded Relationships
CloudPay attributed much of its 2020 results to new customers, expanding its new customer wins by 35 percent in a single year. Many customers chose CloudPay as their need to mitigate risk, consolidate vendors and ensure payroll continuity evolved in light of the COVID-19 pandemic. CloudPay signed its largest deal of the year with a global organization based in 40+ countries with 25,000+ employees who will benefit from CloudPay’s unified global payroll solution.
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CloudPay CEO, Paul Bartlett, commented, “CloudPay has a proven track record of successful large-scale global payroll transformations for some of the world’s largest and most sophisticated customers in the banking, medical, high-tech, travel, and financial service industries. Our people and our focus on advanced automation cut down manual processes and reduce data integrity issues that plague many global payroll organizations. We’ve seen our solution become even more compelling as companies have needed to deploy automated solutions that can scale and contribute to business continuity plans.”
Equally crucial to CloudPay’s 2020 success was the continued growth among its installed base, with many longtime customers choosing to add more countries and employees to CloudPay’s solution. In 2020, new customers saw an average of 1,030 employees start using CloudPay’s solution, establishing it as the payroll leader for mid to large global companies.
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