CloudPay Strengths, Domain Expertise, and Key Differentiators
CloudPay, as a provider, steers global enterprises with foresight and attentiveness toward delivering the comprehensive pay experience rightfully deserved by their employees. Through a unified solution, CloudPay seamlessly connects all aspects of employee pay processes, encompassing payroll, payments, and on-demand pay. The company offers end-to-end managed payroll services via an innovative platform, ensuring uniform and compliant payroll operations worldwide. This approach contributes to cost reduction and the streamlining of manual processes. Notably, CloudPay's solution guarantees precise payroll processing across 130+ countries and supports over twenty-five languages.
CloudPay Recent Developments
In July of 2023, Claro Wellbeing, the financial well-being platform, unveiled a fresh collaboration with CloudPay. This innovative partnership offers users of CloudPay NOW an extra layer of financial guidance and assistance, especially valuable in times when budgets are under growing strain.
In July 2021, CloudPay unveiled its most recent solution, CloudPay NOW, as an integral component of its extensive portfolio. This cutting-edge platform is expressly designed to address the financial wellness challenges linked to modern employee pay experiences.
CloudPay Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying CloudPay applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of CloudPay and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified CloudPay customers.
CloudPay Overview
Ownership: - The Olayan Group, Pinnacle Investment Partners, Rho Capital Partners, Runway Growth Capital and others.
Number of Employees: 1000
Functional Market: Payroll,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
CloudPay Key Cloud and HCM Applications
CloudPay
CloudPay HCM and Cloud HCM Applications Revenues, $M:
Type/Year | 2022 | 2023 | YoY Growth, % |
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Total Revenues, $M | Subscribe | Subscribe | Subscribe |
HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
CloudPay Revenue Breakdown by Type:
CloudPay HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2023 HCM Revenues, By HR Segment, $M | |
CloudPay HCM Applications Revenues By Verticals, $M:
CloudPay Total and HCM Applications Revenues by Region:
Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 HCM Applications Revenues, $M |
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Americas | Subscribe | Subscribe | Subscribe |
EMEA | Subscribe | Subscribe | Subscribe |
APAC | Subscribe | Subscribe | Subscribe |
Total | Subscribe | Subscribe | Subscribe |
CloudPay Direct vs Indirect sales
Region | Direct Sales | Indirect Sales | Total |
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Type % | Subscribe | Subscribe | Subscribe |
Revenues, $M | Subscribe | Subscribe | Subscribe |
CloudPay Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified CloudPay Customers
No. of CloudPay Customers: 2500
No. of CloudPay HCM Applications Customers: 2500
No. of CloudPay Cloud HCM Customers: 2500
No. of CloudPay Cloud HCM Subscribers: x
Recently, the organization added distinguished clients to its expanding customer base, which now exceeds 2,500. Notable additions include Agoda, Elanco, IFS, Thomson Reuters, VISA, Colt, and numerous others.
CloudPay Market Opportunities, M&A and Geo Expansions
In August 2023, CloudPay revealed the appointment of Roland Folz as Chief Executive Officer, effective immediately. Assuming the role of CEO, Folz is set to guide CloudPay through the upcoming stage of profitable growth, building upon the company's successful expansion in recent years. Supported by the Board and Leadership Team, Folz aims to steer the business toward providing a world-class, end-to-end pay experience for its global clientele, transforming payroll from a mere operational function into a strategic business advantage.
In October 2022, CloudPay secured $50 million in a fresh capital round, experiencing robust growth amidst increasing demand for its cloud-based integrated global payroll and payments services. Runway Growth Capital and The Olayan Group spearheaded the funding initiative. This influx of capital empowers CloudPay to sustain its commitment to advancing its comprehensive enterprise global payment solutions. It addresses the growing demand for seamlessly integrated payroll and payment services, along with employee solutions tailored to the contemporary landscape of work.
The supplementary support for individual wellbeing will be integrated into the CloudPay NOW app, offering users a comprehensive array of features ranging from transparent insights into their pay to flexible payment choices, along with centralized access to well-being support. This encompassing support includes concise, short-form videos and in-depth articles covering crucial financial subjects like investing, saving, and budgeting. Regular delivery of this content is planned for every customer.
After the investment infusion from Runway Growth Capital in August 2020, CloudPay extended its funding initiatives. In August 2021, the company successfully secured a new round of capital amounting to $58 million, with leadership in the investment provided by The Olayan Group. Additionally, CloudPay reported an impressive 400% increase in new customer growth in the fiscal year 2019.
In September 2019, CloudPay announced the expanded availability of its advanced Treasury Services offering, spanning over 130 countries and supporting 168 currencies. This empowers multinational organizations with comprehensive control over the entire payroll and payments process.
In May 2018, CloudPay secured a capital investment of $25 million from notable entities, including Rho Ventures, Pinnacle Investment Partners, and Hercules Capital.
CloudPay Risks and Challenges
The Asia-Pacific (APAC) region is characterized by its high dynamism and diversity, featuring three of the world's top 10 economies and several emerging ones. To effectively support this rapidly growing region and its diverse workforce, a combination of local expertise and global technology is essential. The Asia-Pacific Payroll Efficiency Index (PEI), introduced by CloudPay, scrutinizes the payroll processes of the 15 highest-volume countries in the region, utilizing anonymized data directly sourced from CloudPay's unified payroll platform. Even a minor misconception in the PEI could have varied implications for CloudPay's expansion efforts in the APAC region.
CloudPay Ecosystem, Partners, Resellers and SI
In July 2023, a strategic partnership between Nuvei Corporation and CloudPay was announced, offering CloudPay customers access to expedited and flexible payroll solutions. Leveraging Nuvei's technologically agile market capabilities and global reach via a unified solution, this collaboration provides substantial benefits for CloudPay customers seeking swift, adaptable, and reliable payroll processing. Additionally, the partnership facilitates a diverse array of global salary payment solutions, including the ability to expedite salary payments to cards through Visa Direct, thereby reducing payment times from days to 30 minutes or less.
In May 2023, CloudPay forged a strategic alliance with the global reward and recognition platform, Perkbox, aimed at empowering HR leaders on a global scale. This groundbreaking collaboration is the inaugural partnership of its nature and is poised to provide employees with enhanced financial flexibility and control. As a result of this collaboration, Perkbox administrators worldwide gain access to CloudPay NOW as a workplace benefit, integrated into a comprehensive reward package. Simultaneously, CloudPay's expanding customer base will have the opportunity to leverage Perkbox as an additional offering, alongside their existing payroll and employee payment services.
In 2020, CloudPay became a participant in Ultimate Software's UltiPro Connect Partners program. This collaborative initiative enables CloudPay and Ultimate to seamlessly integrate their solutions, streamlining the exchange of data between the UltiPro Human Capital Management (HCM) solution and CloudPay's Global Payroll Platform through the advanced Connect 2.0 framework. Noteworthy among their array of partners are industry leaders such as Workday, BambooHR, SAP SuccessFactors, Workforce Factors, Oracle, Sage People, PeopleSoft, and several others.
CloudPay Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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- CloudPay Public Cloud and Infrastructure (IaaS)
- CloudPay Platform (PaaS)
- CloudPay Application Delivery
- CloudPay Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
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