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Agreement with the Confederation of Indian Industry (CII)

Dec 05, 2014

RNS Number : 9750Y
Cloudbuy PLC
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:

cloudBuy plc                                                    
Ronald Duncan, Chairman
Tel: 0118 963 7000

Westhouse Securities Limited
Tom Griffiths/Richard Johnson
Tel: 020 7601 6100

Newgate Threadneedle
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

 

This information is provided by RNS
The company news service from the London Stock Exchange

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