Paylocity Holding Corp acquired Cloudsnap, Inc. for $50.0 million (cash; $50,002 thousand purchase price per FY2022 10-K), a transaction completed in January 2022, structured as all cash.
Cloudsnap, Inc. operates in Integration automation / iPaaS for HCM and finance systems, is based in United States, had revenue of about Expected immaterial impact to Q3 and fiscal 2022 financial results (per announcement). Cloudsnap is a flexible, low-code solution for integrating disparate business applications. Its integration automation platform facilitates development and deployment of API integrations, allowing clients to automate data flows across systems such as HR, ERP, CRM and financial applications.
Paylocity acquired Cloudsnap to deliver modern integrations and seamless data sharing between critical systems, unifying and automating business processes across HR, Finance, Benefits and other systems where legacy HCM vendors had not designed for end-to-end data flows.
Low-code integration technology that let Paylocity connect its HCM data to clients' ERP, CRM and other mission-critical systems, closing a gap legacy HCM vendors had left open. Modern, automated integrations and data sharing across HR, Finance and Benefits; greater platform flexibility and faster client integrations. Integration automation capability within the Paylocity platform Paylocity CFO, FY2022 Q3 earnings call: "we've driven scale across our business to more than offset the roughly 50 basis points of dilutive impact of the Blue Marble and Cloudsnap acquisitions."
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. This acquisition will accelerate the speed and flexibility with which organizations can connect data and insights from Paylocity to other mission-critical business applications.Steve Beauchamp, CEO, Paylocity
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. We're thrilled to join Paylocity at a time when the HR function is so instrumental for a company's success.Matt Bradley, CEO, Cloudsnap
Advisory firms were not disclosed for this transaction.