Launch of Confederation of Indian Industry (CII) e-commerce marketplace

RNS Number : 0891J
Cloudbuy PLC
01 April 2015

cloudBuy plc

("cloudBuy" or the "Company")

Launch of Confederation of Indian Industry (CII) e-commerce marketplace

On 5 December 2014, cloudBuy announced that it had signed an agreement with the CII to develop a global trading platform. cloudBuy is pleased to announce that the CII e-commerce marketplace is scheduled to be launched at the Global Exhibition on Services in New Delhi on 24 April 2015.
 
CII has over 7,000 member organisations and the Company is working to roll out a channel partner strategy, which will provide the resources to reach out to the CII members to enable them to go live on the marketplace and to up-sell trading websites to them. cloudBuy will generate revenues from transaction fees for orders placed through the marketplace and from the opportunity to upsell e-commerce websites to these member organisations.
 
In the run up to the launch, the Company has been working with a number of smaller Indian suppliers to build their e-commerce websites. To date, the Company has orders from 5 such companies with an average value of £5,000 each over a 3 year period.
 
In addition, cloudBuy has secured a 3 year contract to provide a purchasing portal to a large Indian construction company.  The baseline revenues from this portal are £40k each year over 3 years, plus a small % of the value of the transactions passing through the portal.

Ronald Duncan, Executive Chairman of cloudBuy said: "We are pleased with progress made to date in India where we are now gaining traction across buyers and sellers.  A key milestone is demonstrating that we can sell e-commerce sites in India at a reasonable value and our initial pre launch customers are a step in the right direction.  Our aim is to increase the volume of sales once the marketplace is launched.

India is one of the most exciting emerging markets for e-commerce and as a global entrant we are in its key B2B area for growth. The BJP Government has not opened up B2C e-commerce to foreign companies, but is actively pushing B2B platforms, particularly around their capability to help Indian businesses to sell their wares globally. With CII, we are well placed to help make this happen."
 
For further information, please contact:
 
cloudBuy plc
Ronald Duncan, Chairman
Tel: 0118 963 7000

Westhouse Securities Limited
Tom Griffiths/Richard Johnson
Tel: 020 7601 6100

Newgate
Robyn McConnachie / Tim Thompson
Tel 020 7653 9850

About cloudBuy PLC
 
cloudBuy provides the leading transactional Cloud Platform.
 
cloudBuy has used the platform to build 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 $ 750 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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