CloudPay, a software-as-a-service provider of payroll technology based in Raleigh and London, has raised $16 million in new financing.

Leading the round were Pinnacle Investment Partners and Rho Ventures.

CloudPay said the funding would be used in part to “consolidate” its technology platform.

The firm was renamed CloudPay in October from the earlier name of Patersons.

Having raised $50 million in funding, CloudPay offers services in 160 countries, supports 30 currencies and 26 languages.

“Globalization and the competitive landscape it fosters are giving rise to borderless organizations. As a result, traditional businesses must modernize and become increasingly multi-national in their approach,” said Andrew Pearson, the firm’s chief executive officer.

“Companies are leveraging the workforces of countries in which they’ve not previously operated to achieve their business goals. These companies need a partner to help them navigate the complex and ever-changing processes, laws and regulations involved with global payroll. CloudPay is most often selected because of the efficiencies gained by the use of its centralized SaaS technology to ensure compliance, management control, global visibility and detailed business intelligence.”

In addition to Raleigh, CloudPay has offices in London, Singapore, Shanghai, Paris and Budapest.