RNS Number : 9750Y
05 December 2014
cloudBuy plc (the "Company")
Agreement with the Confederation of Indian Industry (CII)
cloudBuy is pleased to announce that it has signed an agreement with the Confederation of Indian Industry (CII) to develop a global trading platform.
The platform will support the trading activities of the 7,000+ CII members globally and within India. The CII members are predominately large manufacturers and this new platform will allow them to utilise cloudBuy's B2B ecommerce and provide a global platform to facilitate their trading.
The new service will be rolled out through CII's 60+ branches which will provide support and onboarding services to their members. The service will be chargeable to members and will include website and transactional revenues.
Sujith Haridas, Deputy Director General of CII, commented: "This is a very exciting initiative for us and our members. India is one of the world's fastest growing economies and manufacturing is a key component of this. The new platform will accelerate this growth."
Ronald Duncan, Chairman of cloudBuy plc, commented: "The Confederation of Indian Industry (CII) is one of the most respected bodies in Indian business and I'm delighted that they have chosen cloudBuy as their platform for this important initiative.
Manufacturing and its supply chain is a major part of the rapidly growing $2 trillion Indian economy and based on our agreements to date we expect India to make a significant contribution to our future revenues as we support the Make In India campaign. Following the signing of today's agreement, over the course of the next 3 years, assuming a 10% take up of our current Indian agreements would result in $20m of annual revenues to cloudBuy."
For further information please contact:
Ronald Duncan, Chairman
Tel: 0118 963 7000
Westhouse Securities Limited
Tom Griffiths/Richard Johnson
Tel: 020 7601 6100
Robyn McConnachie, Tim Thompson
Tel 020 7653 9850
About cloudBuy PLC
cloudBuy, formerly @UK, is a world-leading transactional cloud platform.
cloudBuy has used the platform to build world-leading business to business (B2B) ecommerce and e-procurement applications, which address the full range of buying and selling activities in an easy-to-use web and mobile digital experience. The platform is also used to build complementary applications such as content management, secure email and big data analysis.
To date, the applications have processed over $500 billion of spend, and are being used by leading organisations around the world to deliver savings, increase profits and improve services.
The applications are unique in delivering correct pricing in the complex world of B2B procurement, whilst being simple enough for anyone to use - to the extent that people with disabilities can easily use a Care marketplace version to buy their own social and health care.
For more information, visit www.cloudbuy.com
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