Expanding Global Footprint
I recently met with Andrew Pearson of Patersons (http://www.patersons.net/) . Patersons may be one of the more critical software solutions that large firms need and use but too few people know about them. The raison d'être of Paterson's is to provide global payroll solutions.
Today, Patersons announced it closed a $6.45 million mezzanine financing round. Rho Ventures led the deal. According to a Patersons press release the company "will use the funds to accelerate global growth and invest in the expanding Patersons CloudPay platform". That platform is part of a cloud-based payroll processing infrastructure that Patersons has recently reelased.
Patersons has recently formed partnerships with SuccessFactors (www.successfactors.com) and Workday (www.workday.com). The SuccessFactors partnership was originally announced back in May of this year. Workday and Paterson's share at least one mega-customer in common: Thomson Reuters.
Patersons is also seeing uptake in the BPO space as more business process outsourcers look to standardize their payroll technology globally.
By 2012, Patersons expects to open up their platform to third parties. This should further expand the rollout and penetration of their global cloud products. Readers should also expect Patersons to make a major time & attendance partnership in the near future.
Patersons has been a quiet giant in the HR space - with more English and European awareness of the firm. These recent partnerships should help the firm's branding within the North American marketplace. These agreements and their platform play should also fuel growth in other countries as well.