RNS Number : 9591S
30 September 2014
("cloudBuy" or the "Company")
India Contract Win
cloudBuy plc (AIM: CBUY), the cloud ecommerce marketplace, is pleased to announce that it has agreed an MOU with SYNISE to provide both a B2B marketplace and a Source India project in support of the India Government's "Make in India" Campaign.
SYNISE is a leading procurement service provider in India, part of the $ 2.5 billion turnover Kalyani group, which provides outsourced procurement services to 80 large Indian corporates and their 15,000 suppliers. cloudBuy is providing the technology under the agreement and SYNISE the procurement services. It is expected that the cloudBuy revenues generated under the MOU will be a small percentage of the value flowing through the markertplace. SYNISE anticipates that its customers could transact up to US $2 billion per year.
Ashok Dani, CEO of SYNISE commented: "The Gulf states are India's largest trading partner and we have the largest group of vetted high quality Indian suppliers. We believe there is immense potential in providing these suppliers with B2B ecommerce so that they can easily export to the world, at the same time as making their Indian business more efficient."
Ronald Duncan, Chairman of cloudBuy commented: "Having come directly from meetings in the United Arab Emirates where we have opportunities that are a perfect synergy with the "Make in India" campaign, it was great to immediately finalise a deal that will support Indian exports to the Middle East."
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/Robyn McConnachie/ Alex White
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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