Contract Win in Australia

RNS Number : 8222O
Cloudbuy PLC
12 August 2014

cloudBuy plc

("cloudBuy" or the "Company")

Contract Win in Australia

cloudBuy (AIM: CBUY), the cloud eCommerce marketplace, announces a contract win with an Australian State Government (the "State") to provide an eprocurement marketplace. Phase 1 will be to implement an end to end electronic procurement marketplace for the Treasury department and all IT purchasing.

An implementation fee has been agreed and ongoing cloudBuy revenues will be derived via a transactional charge, calculated as a percentage of the value of spend. Based on the current procurement card spend, it is estimated that this could generate a fee of approximately AUD 900,000 per annum which could in due course rise to a maximum of AUD 7.2 million per annum.

The initial contract, which is for a minimum period of 6 months, covers the implementation and delivery of the Software as a Service cloudBuy eMarketplace solution and support of the onboarding process of 20 key Treasury and ICT suppliers for Phase 1 of the State's shared service deployment. The marketplace will integrate with the State's SAP enterprise platform, enabling electronic invoicing and purchase orders.

Ronald Duncan, Chairman of cloudBuy plc, commented: "This is the first cloudBuy emarketplace to be signed in Australia and follows our earlier contract wins for spend analytics in this market.  It validates our new business model of taking a small percentage of the spend through the system.  It is pleasing to report that there are a significant number of other similar potential customers in the pipeline."

For further information, please contact:

About cloudBuy PLC

cloudBuy, formerly @UK, is the world's leading transactional Cloud Platform.

cloudBuy has used the platform to build the world leading B2B ecommerce and eprocurement applications which address the full range of buying and selling activities, in an easy to use web and mobile experience.  Along with other cloud based applications including Content Management, email and big data analysis.

The applications have already managed over $ 500 billion of spend and are being used by leading organisations around the world to deliver savings and improved services.

The applications are unique in delivering correct pricing in the complex world of B2B whilst being easy enough to use that the people with difficulties can use the system 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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