RNS Number : 9582B
11 March 2014
cloudBuy plc ("cloudBuy" or "the Company")
Contract Win in India
cloudBuy (AIM: CBUY), the cloud eCommerce marketplace, announces that it has been awarded its first eProcurement contract in Mumbai, India, by Sarth Surfacrete, to implement a cloudBuy private purchasing portal. The portal will feature integrated electronic payment as a standard feature. As part of the implementation, Sarth Surfacrete's suppliers, some of which are large corporates, will be provided with a dedicated B2B eCommerce environment to facilitate trading and electronic payment.
This contract win builds upon cloudBuy's investments in India. cloudBuy has been building capability in the market, covering India's complex range of in-country taxes into the cloudBuy eCommerce engine. The ability to support suppliers trading across India is central to a successful roll out of eCommerce and eProcurement.
Ronald Duncan, Executive Chairman of cloudBuy, said "India's eCommerce market grew at 88% in 2013 rising to $16bn, and it is clear that there is a readiness and excitement around B2B eCommerce within India's thriving business sector. We are delighted by this contract win which highlights the desire of forward looking Indian companies to grow into eBusiness. "
Prashant Palande, Managing Director of Sarth Surfacrete, said "We use leading technology in our construction and corporate interior projects, similarly we were looking out for a latest solution to ease our procurement issues for the next five years. Having the solution in the cloud reduces our implementation and maintenance costs, which is an added advantage along with bringing our suppliers and their payment 'Online', which swayed our decision in cloudBuy's favour."
For further information, please contact:
Ronald Duncan, Chairman
Tel: 0118 963 7000
Westhouse Securities Limited
Tom Griffiths/Richard Johnson
Tel: 020 7601 6100
Caroline Forde/Alex White/Robyn McConnachie
Tel 020 7653 9850
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
Sarth Surfacrete Company profile:
Sarth Surfacrete is an emerging company executing industrial and commercial projects, established itself in corporate interiors market. Sarth Surfacrete is dedicated and committed in providing complete solution to clientele with quality infrastructure and expertise. Established since 1998, Sarth Surfacrete has undertaken diverse projects with leading corporates in India, by bringing concepts to reality.
Website - SarthSurfacrete.com
Phone - +91 (0)22 21730065
Email - info@SarthSurfacrete.com
This information is provided by RNS
The company news service from the London Stock Exchange