("cloudBuy" or the "Company")
cloudBuy plc (AIM: CBUY), the global provider of cloud-based e-commerce marketplaces and B2B buyer and supplier solutions, is pleased to announce the signing of an agreement with the Ministry of Economy of a Middle Eastern state to provide a cloudBuy investor website and marketplace.
The initial contract value is US$850k, with further potential as 40 additional eligible government organisations have the opportunity to join once the solution is live.
The investor website is similar in scope to cloudBuy's existing Invest Northern Ireland website with the addition of a cloudBuy marketplace for local business and government agencies. It will support businesses seeking to set up and trade in the region, facilitate B2B trading and provide a single point of contact for individuals and organisations to book and attend trade shows and other events. The first phase of the system is planned to go live this summer.
Ronald Duncan, Executive Chairman of cloudBuy, said: "We have been in discussions with the MoE and a number of the individual organisations for some time and are delighted to have signed an agreement and moved forward to delivery. The Middle East is an important region for cloudBuy as it is moving forward with smart government initiatives. This win puts cloudBuy at the heart of this opportunity and builds upon our existing contracts in the region. This is another contract win in the Middle East resulting in us having increased both our geographic territory and deal size."
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
This information is provided by RNS
The company news service from the London Stock Exchange