6th January 2015
("cloudBuy" or the "Company")
Contract win in Singapore for marketplace and up to 7,000 websites
cloudBuy (AIM: CBUY), the cloud eCommerce marketplace, announces that it has agreed with an industry association (the "IA") in Singapore, to provide the IA with a branded eCommerce marketplace and ecommerce websites for its 7,000 members.
The commercial terms of the agreement are that members of the IA will be charged by cloudBuy for the provision of individual cloudBuy websites and pay a percentage of sales transactions as a marketplace seller's fee.
cloudBuy's annual projected revenues under the terms of the agreement from the provision of websites only based on the lowest discounted fee are of the order of £1.3m per year at a 10% takeup, £4m per year at 30% takeup and £8m per year at 60% takeup.
There are a number of significant further additional revenue opportunities both from higher value websites and the percentage of sales transactions going through the system. There are government grants available to the IA's members that fully cover the website fees and should generate a high sign up rate.
Ronald Duncan, Chairman of cloudBuy plc, commented: "Singapore is a key trading hub in the Asia Pacific region and we are delighted that a key industry association has chosen cloudBuy for its marketplace and member websites.
This agreement significantly strengthens our presence in the Asia Pacific region, and enhances our future revenue prospects."
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
Tim Thompson/Robyn McConnachie
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