RNS Number : 4860I
26 March 2015
("cloudBuy" or the "Company")
Contract Win for Middle East Free Zone
cloudBuy (AIM: CBUY), the cloud e-commerce marketplace, announces that it has agreed with Venture Alliance Consulting LTD, representing AJMAN FREE ZONE, and DUC International Consulting from UAE to provide a portal to automate company formations in the region.
This builds upon cloudBuy's deep expertise in the area of electronic formations and is the first step in the globalisation of this capability. In the UK, company formation has become a highly competitive and low value service; in emerging markets, where the move from paper to electronic formation is taking place for the first time, the service is of high value and there are few competitors.
cloudBuy and DUC International Consulting will receive a share of the revenue from the service which is expected to start imminently. Based upon the existing level of activity, the contract is initially expected to be worth approximately £600k per annum to cloudBuy. This is anticipated to grow over time with the introduction of an easy and accessible electronic process.
This initiative is part of the move to Smart Government across the Middle East, where all aspects of business and consumer interactions with government are moving online.
Typically, the organisations that incorporate in the Ajman Free Zone are established and successful businesses looking to increase sales in the Middle East. Many of these organisations trade with government and corporate buyers across the region and, once incorporated, can utilise cloudBuy's e-commerce services to trade electronically with their buyers.
Atif Malik, CEO of Venture Alliance Consulting LTD, commented: "We want to provide the smart solution to our customers and by automating the platform we can reach out to a higher number of entrepreneurs in a short time."
Fatima Hayat, Chief Operating Officer of DUC International Consulting, commented: "UAE has been very successfully at attracting entrepreneurs to form businesses in the region. This platform will encourage companies to incorporate in the Free Zone and provide a streamlined automated service to organisations globally."
Ronald Duncan, Chairman of cloudBuy plc, commented: "We are experts in company formations and have tried and tested software which automates all elements of the incorporation process. This is very transportable to other geographies and this contract is our first such win as we leverage the value of our technology. This leads directly into the ability to sell on our B2B e-commerce services to all of the companies that incorporate with the new service."
For further information, please contact:
Ronald Duncan, Chairman
Lyn Duncan, Chief Executive
Jonathan Holden, Chief Operating Officer
Tel: 0118 963 7000
Westhouse Securities Limited
Tom Griffiths/Richard Johnson
Tel: 020 7601 6100
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) e-commerce 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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