Hong Kong contract signed increasing number of suppliers to approximately 8,500

Nov 03, 2014

RNS Number : 9138V
Cloudbuy PLC
03 November 2014

cloudBuy plc
("cloudBuy" or the "Company")

Hong Kong contract signed increasing number of suppliers to approximately 8,500

Further to its announcement of 2 October 2014, cloudBuy (AIM: CBUY), the cloud eCommerce marketplace, announces that the three year contract in Hong Kong with a global Financial Institution (the "FI") to provide an FI branded eCommerce marketplace available via desktop, tablet and mobile app has now been signed. In its announcement of 2 October, the Company stated that the marketplace would be populated with the FI's existing Hong Kong merchant community comprising circa 3,000 B2B suppliers; this has now been increased to approximately 8,500 suppliers for the first phase implementation in Hong Kong prior to expansion to the rest of the Asia Pacific region

Ronald Duncan, Chairman of cloudBuy plc, commented: "The Company previously had four potential routes to reach its short term target of £50 million revenue pa; this contract in Hong Kong, plus the SYNISE deal together can deliver USD$150 - $200 million revenue per annum alone.

We have managed to step up our contract size to this new level and we have a number of similar sized opportunities in the pipeline.

For further information, please contact:

cloudBuy plc

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

Newgate Threadneedle

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