RNS Number : 3489T
02 October 2014
("cloudBuy" or the "Company")
cloudBuy (AIM: CBUY), the cloud eCommerce marketplace, announces that it has reached agreement on the terms of a contract in Hong Kong with a global Financial Institution (the "FI") for three years, to provide an FI branded eCommerce marketplace available via desktop, tablet and mobile app. The marketplace will be populated with the FI's existing merchant community which comprises circa 3000 B2B suppliers. The contract has a minimum value of US$550,000 for the initial implementation and license fees, with additional revenue opportunities for value added services. Formal documentation is expected to be signed shortly.
Ronald Duncan, Chairman of cloudBuy plc, commented: "This is the first cloudBuy emarketplace to be signed in Hong Kong and will expand our services across Asia. We are delighted to be working with the global financial institution. In support of this programme, we will open operations in Hong Kong and have already recruited local Chinese personnel, and commenced the translation of our system into simplified and traditional Chinese in order to address the wider Chinese market.
The regional roll out represents a significant opportunity to grow our revenues in this vibrant and technology hungry market where B2B ecommerce is taking off."
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
Caroline Forde/Alex White/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
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