Vendor Analysis
published on Aug 23, 2022
Report Overview:
This NelsonHall vendor assessment analyzes CloudPay's offerings and capabilities in Payroll Services.
Who is this Report for:
NelsonHall’s Payroll Services profile on CloudPay is a comprehensive assessment of CloudPay's offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Payroll Services and identifying vendor suitability for security services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Payroll Services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of CloudPay’s Payroll Services offerings and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery locations.
Key Findings & Highlights:
This NelsonHall vendor assessment analyzes CloudPay’s offerings and capabilities in Payroll Services. CloudPay offers managed payroll and treasury services across ~130 countries through its proprietary platform. The company is focused on providing global payroll, payments, and on-demand pay through a unified platform. It has ~230 payroll clients and services to ~220k client employees supported by ~450 payroll delivery employees.
The company was initially formed in 1996 as Patersons Payroll Solutions Limited, a global payroll aggregator. It shifted its focus toward its current unified global payroll model. It re-branded to CloudPay in October 2012, aligning its brand with the naming for its multi-country payroll technology offering.
Recently, in August 2021, CloudPay secured additional capital investment. It raised $58m in growth capital from new and existing investors, supporting investments in fintech solutions to support B2B payments. CloudPay is developing payment processes to direct salary payments to cards rather than banks to help make the payment process faster. In July 2021, CloudPay launched its first earned wage access offering, CloudPay NOW, following its acquisition of Wezaam. A multinational lifestyle brand client realized early adoption across 12 countries. Earlier in March 2020, CloudPay partnered with Visa to enable payments through a paycard.