CLOUDTRADE SCALES UP ITS BOARD AND MANAGEMENT TEAM TO SUPPORT CONTINUED GLOBAL GROWTH

• Building on 40% YOY growth and 5 years of successful global operations, providing e-invoicing, e-order and complex data capture services to more than 200 organisations across the globe.

CloudTrade, the leading provider of e-invoicing, e-order and complex data capture services, today announced the addition of Philip Padfield and Richard Moore to its board, as Chairman and Investment Director, respectively. Alongside the appointment of Sunil Purohit as Chief Financial Officer, and Tara Burghardt as Marketing Manager.

Today’s boardroom additions and strategic hires build on CloudTrade’s continued growth and July’s £2 million injection from Calculus Capital. The new board and senior executive appointments will accelerate expansion of CloudTrade’s services in the US and EMEA, while bolstering the business’s second stage global growth, which currently stands at over 40% YOY globally.

David Cocks, CloudTrade’s CEO and co-founder, said: “CloudTrade is growing, so building out the board and management team with the additions of Philip, Richard, Sunil and Tara, will strengthen our brand globally, drive our business forward and further cement our ability to provide a solution that streamlines the Purchase-to-Pay and Order-to-Cash processes for our users and their suppliers.”

As Chairman, industry veteran Philip Padfield will be responsible for CloudTrade’s continued global growth and innovation. Padfield was most recently CEO of Science Warehouse, which has now been acquired by Advanced.

“I’m excited to be appointed as CloudTrade’s Chairman at such a pivotal time in the business’s history, and to help ensure the company’s legacy in e-invoicing, e-order and complex data capture services and risk management solutions continue to thrive,” said Philip Padfield. “I’ve dedicated my career to transforming businesses and helping them fulfil their potential, and we believe this is an exciting, second phase in the development of CloudTrade.”

Richard Moore, Investment Director at Calculus Capital, who has also joined CloudTrade’s board, following his organisations fund injection in July 2018, said: “Over the last year, CloudTrade has grown the business through new partners, including IBM, DXC (formerly Hewlett Packard Enterprise), SAP Ariba, BT, Cegedim, Opus Capita and SupplyOn, and from an increase in projects through existing partners. The team and I will be building on that growth, particularly through new partnerships, in both existing and new markets across the globe.”

CloudTrade enables companies to evolve past their reliance on paper, and transact digitally with their trading partners, irrespective of size or technical maturity. CloudTrade is now one of the fastest growing e-invoice and e-document networks, electronically connecting over 200 organisations to thousands of their trading partners, across numerous sectors and regions across the globe.

CloudTrade’s core platform, which is protected by lasting patents in Europe, the U.S. and Australia, uses unique rules-based technology with backward tracking search, to interpret, validate and extrapolate semantic meaning from documents of any type: including invoices, sales and purchase orders, advanced shipping notices and other complex, data rich documents.

About CloudTrade CloudTrade is one of the fastest growing e-invoice and e-document networks, connecting over 200 organisations to thousands of their trading partners electronically across numerous sectors and regions across the globe. Founded in 2010 to offer a fresh approach to e-invoicing, CloudTrade enables companies to evolve past their reliance on paper and transact digitally with their trading partners, irrespective of size or technical maturity. CloudTrade’s unique, patented technology, delivers services not widely seen in the market, in a cost-effective way. CloudTrade’s software is protected by lasting patents in Europe, the U.S. and Australia. For further information go to: http://www.cloudtradenetwork.com/

How CloudTrade’s solution works CloudTrade’s patent-protected software uses unique rules-based technology with backward tracking search, to interpret, validate, and extrapolate semantic meaning from complex documents, of any type. So, whether its invoices, sales and purchase orders or advanced shipping notices, CloudTrade processes them automatically and cost effectively.

Although CloudTrade offers organisations several ways to send complex business documents (including direct XML / EDI), by far the most popular approach is for an organisation to simply send an application generated PDF via email. When an application generates a PDF, in almost all instances it will be a text PDF. CloudTrade reads the document text straight from the PDF, without the use of OCR – which guarantees 100% quality. PDF documents are easy to use and out-of-the-box with most ERP and accounting packages. As a result, typically >90% of organisations (irrespective of shape or size!) when asked will send PDF documents – including invoices, sales and purchase orders, advanced shipping notices and other complex, data rich documents.