Thomson Reuters, the market data and news company, has moved its human resources and payroll data to a cloud computing environment.

The company, which has more than 55,000 employees in over 100 countries, with a UK base at London's Canary Wharf, is using Workday's software-as-a-service (SaaS) offerings for human capital management and payroll. It had originally considered upgrading its existing HR system.

Workday last week updated its SaaS platform with the release of Workday 14, which features in-memory data management. The new version of Workday includes increased financial management functionality.

Thomson Reuters said the move will help it with workforce mobility, talent decisions, cloud computing decisions, and the ability to quickly adapt to changing government regulations across the globe.

Using the system, the company expects to save money, while accessing data on an intuitive interface and having real-time workforce visibility.

In July, Thomson Reuters shook up its data platform portfolio in a major restructure of its Markets division, which provides data and connectivity to traders and large financial institutions.

One of its key financial data provision platforms, Eikon, is being sold as part of an integrated offering and will receive more "robust" development, the company said, after questions were raised on its uptake and its quality. Over a billion dollars of investment have been poured into Eikon.