RALEIGH, NC and SALISBURY, UNITED KINGDOM--(Marketwire - Oct 24, 2011) - Patersons, a leader in cloud-based global payroll delivery providing expert solutions to customers in more than 160 countries, announced today that it has completed a $6.45 million mezzanine financing round. The round was led by Rho Ventures and included further investment from other existing investors and the company's management team. The company will use the funds to accelerate global growth and invest in expanding the Patersons CloudPay platform.
"Patersons' CloudPay platform is accelerating customer acquisition as the market moves away from the patchwork of old legacy systems to modern, integrated multi-country payroll solutions," said Andrew Pearson, Patersons CEO. "This round of funding will support our extensive plans to expand our multi-country payroll capabilities, including additional payroll functionality and deeper integration with customer and partner systems."
Patersons' clients include many multi-national organizations with complex global payroll requirements that require a consolidated solution to ensure effective payroll in alignment with regulatory requirements. Patersons' customers run the same version of CloudPay on a multi-tenant basis to deliver multi-country payroll. Patersons' cloud technology platform means that any updates, including statutory changes, are incorporated when required in a particular country using effective dates.
About Patersons
Patersons is a leader in cloud-based global payroll delivery providing expert solutions to customers in more than 160 countries. Patersons CloudPay platform combines our global payroll engine, our payroll provider partner network, workflow, analytics and managed services in a secure and compliant service that is delivered using an on-demand, SaaS-based business model. This allows organizations to consolidate and control their multi-national payroll operations using one platform. The results are increased fiscal control, streamlined processes, better visibility, increased compliance, reduced risks and reduced costs. For more information about Patersons, please visit www.patersons.com.
About Rho Ventures
Rho Ventures (www.rho.com) has a multi-stage investing strategy focused on high-growth companies in large markets. Rho Ventures' investments span new media, healthcare, IT, communications, energy technology and other disruptive technologies. Rho Ventures brings nearly 30 years of venture experience, combined with its partners' deep sector expertise and its far-reaching network to assist each portfolio company. This approach has allowed Rho to participate in the growth of some of today's most innovative and successful companies, including Active Power, Capstone Turbine, Ciena, Compaq Computer, EverydayHealth.com, Gloucester Pharmaceuticals, Human Genome Sciences, IntraLinks, iVillage, MedImmune, ReachLocal, Shire Pharmaceuticals and Tacoda. Rho Ventures is currently investing from Rho Ventures VI, a $510 million fund. The firm has offices in Palo Alto, Calif., New York and Montreal, with investments across the globe.