CloudPay (formerly known as Patersons), a Raleigh, N.C. and Salisbury, U.K.-based provider of multi-national payroll technologies and services, has completed a $16m Series B funding.
Backers include Pinnacle Investment Partners, Rho Ventures and other institutional investors.
The company intends to use the capital to focus on expanding technical, service and sales capabilities for its SaaS platform.
Led by CEO Andrew Pearson, CloudPay supports provides Software as a Service technology and expertise that enable multinationals to control, consolidate, process and analyze their global payroll operations. The company’s technologies and services solutions support 30 currencies and 26 languages. It also maintains operations in Singapore, Shanghai, Paris and Budapest.