RNS Number : 0336R
22 October 2013
("@UK" or the "Company")
Confirmation of 5 year Spend Analysis License Agreement
Further to its announcement on 4 September 2013, @UK plc (AIM:ATUK.L), the cloud eCommerce marketplace, is pleased to announce that following the successful IPO of Tungsten Corporation ("Tungsten") on 16 October 2013, the conditional 5 year license agreement with Tungsten for @UK's Spend Analysis is now confirmed and the first payment of £300k has been received. The total maximum value to @UK over the initial five year period is £3.4m.
Ronald Duncan, Chairman Tel: 0118 963 7000
Westhouse Securities Limited
Tom Griffiths/ Richard Johnson Tel: 020 7601 6100
Caroline Evans-Jones/ Alex White Tel: 020 7653 9850
About @UK PLC
@UK is Europe's leading transactional Cloud Platform with over 1 million users. The platform supports B2B eCommerce and eProcurement across a range of public and private sector organisations providing a secure, controlled transactional environment for B2B trading. The technology is unique in the B2B market, in that it delivers the B2C internet shopping experience in a business environment. The platform has been rebranded to cloudBuy.com for global expansion with Visa and partner banks. The platform is PCI DSS accredited, providing secure, integrated financial transactional capability, delivering savings to both the buyer and the supplier through greater accounts payables accuracy, reduction of manual processes and elimination of paper.
@UK provides an immediate business case using SpendInsight. SpendInsight was developed to recognize, match and classify products and services, providing buyers with greater visibility to spend data, and supports the identification of cashable savings, through unique product level matching artificial intelligence. Combined with Visa analysis to identify the level of potential card rebate to fund the B2B ecommerce platform.
For more information, visit www.cloudbuy.com
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