Reputable HR solutions provider CloudPay has successfully closed a substantial $120 million funding round led by private equity firm Blue Owl Capital. Formed over 25 years ago through the merger of two payroll companies, CloudPay has gradually expanded its services and client base worldwide.
Processing paychecks for over 280 major enterprises across 130 countries, CloudPay currently manages payroll activities for well-known brands like Visa, Wayfair, Wells Fargo and The London Stock Exchange. With contracted annual revenues exceeding $125 million, the firm has more than doubled its top-line over the past three years according to CFO Andy Thomson.
The newly raised capital values CloudPay significantly higher than its previous funding round and will support ongoing product innovations. Thomson outlines plans to accelerate automation and AI initiatives using the infusion of capital. Customers now demand integrated, on-demand solutions tailored to their complex compliance needs on a global scale.
In addition to core payroll functions, CloudPay's suite includes pay-on-demand capabilities and real-time reporting dashboards. Finance teams can also customize funding sources and payment types for each local market. Looking ahead, Thomson hints at AI announcements later this year that will push the boundaries of HR technology.
Rho Capital Partners, The Olayan Group and Hollyport Capital joined Blue Owl Capital in participating in this growth investment. With nearly 1,400 employees across its international offices, CloudPay is well-positioned to capture growing demand for streamlined, digital payroll administration. This latest fundraising will fuel the company's next phase of product led expansion worldwide.
