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Paylocity acquires VC-backed Cloudsnap

Paylocity has acquired Cloudsnap Inc, a flexible, low-code solution for integrating disparate business applications.

Paylocity has acquired Cloudsnap Inc, a flexible, low-code solution for integrating disparate business applications. No financial terms were disclosed. Cloudsnap’s lead investors were Mercury Fund and Active Capital.

PRESS RELEASE

SCHAUMBURG, IL (January 19, 2022) – Paylocity (NASDAQ: PCTY), a leading provider of cloud-based HR and payroll software solutions, today announces the acquisition of Cloudsnap Inc., a flexible, low-code solution for integrating disparate business applications.
Cloudsnap’s technology enables seamless integration of systems to automate manual data exchange processes, creating a modern user experience. The company’s integration automation platform facilitates development and deployment of API integrations, allowing clients to automate data flows across systems such as HR and financial applications.

Integrating HR tools with third-party systems has historically relied on manual processes or heavily customized integrations, which are difficult and time consuming. This often means that HR teams can’t easily share data across business systems and functions, creating business inefficiencies, data errors, and compliance challenges. Cloudsnap technology will enable Paylocity to deliver modern integrations and seamless data sharing between critical systems more efficiently and effectively, while helping to unify and automate business processes across HR, Finance, Benefits, and other systems.

“Legacy HCM vendors have not designed their systems to support end-to-end processes and data flows across third-party systems, yet HR touches virtually every part of an organization,” said Steve Beauchamp, CEO of Paylocity. “This acquisition will accelerate the speed and flexibility with which organizations can connect data and insights from Paylocity to other mission-critical business applications, so we can continue to provide the most relevant and modern platform for our clients.”

“Data drives businesses, but organizations still struggle with multiple systems that don’t connect to each other, and integration continues to pose major challenges to business agility,” said Matt Bradley, CEO of Cloudsnap. “We’re thrilled to join Paylocity at a time when the HR function is so instrumental for a company’s success.”

Paylocity expects Cloudsnap to have an immaterial impact to third quarter and fiscal 2022 financial results and will update financial guidance in the normal course of business in its second quarter fiscal 2022 earnings release.

About Paylocity:
Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based HR and payroll software solutions headquartered in Schaumburg, IL. Founded in 1997 and publicly traded since 2014, Paylocity offers an intuitive, easy-to-use product suite that helps businesses tackle today’s challenges while moving them toward the promise of tomorrow. Known for its unique culture and consistently recognized as one of the best places to work, Paylocity accompanies its clients on the journey to create great workplaces and help people achieve their best through automation, data-driven insights, and engagement. For more information, visit www.paylocity.com.