"Working with CloudPay was great. The people who I need to deal with and escalate things to are people who understand payroll, understand our business and how critical things are to us. It’s just what we need.”
- Head of Finance-Payroll, London Stock Exchange Group
In 2018, Thomson Reuters’ financial and risk business was divested, later being purchased by the London Stock Exchange Group in January 2021. Seeking a seamless separation with zero disruption, LSEG needed a solution that could transition thousands of existing employees to the new company. Working with CloudPay, the team set up and rolled out over 50 new entities and nearly 120 new payrolls worldwide in just three months, meeting every payroll deadline and with no interruption to employees.
London Stock Exchange Group is a UK-based stock exchange and financial information company, with operations in 70 countries.
Separating the F&R business from Thomson Reuters and establishing it as a new company with an equally global footprint was a massive undertaking.
As a long-time customer, Thomson Reuters knew CloudPay had the expertise, capability, and technology to facilitate the separation.
Several factors made the project more complex:
CloudPay used existing Thomson Reuters payrolls as a model for building new payrolls, amending data to reflect changes to individuals’ employment status, benefits, and payments on a country-bycountry basis. Using CloudPay’s standardized implementation methodology, the team set up 117 new payrolls for 57 new entities across 51 countries in a matter of weeks.
Today, LSEG and CloudPay teams manage payroll for more than 18,500 employees in over 50 countries. They continue to benefit from the global service that has kept Thomson Reuters as a CloudPay customer since 2011.
The transformation team achieved:
As each legal entity was registered, CloudPay was ready to go. Based on CloudPay’s help and support, we did not miss one go-live. We would agree at the beginning of the month and we hit every single one of them.