Cloudbuy : Partnership signed and First Contract win

RNS Number : 6172I
Cloudbuy PLC
27 March 2015

cloudBuy plc

("cloudBuy" or the "Company")

Partnership signed and First Contract win

cloudBuy plc (AIM: CBUY), the cloud ecommerce marketplace, is pleased to announce that it has partnered with a major US cloud based provider of procurement services, to provide a platform which allows end users to buy from successful tenders and provides visibility of the throughput and savings achieved. The Company's partner has an impressive client list covering public and private sector organisations in the US.

In conjunction with cloudBuy the new partner can now deliver an integrated suite of services covering all aspects of procurement from sourcing to settlement. Its client base represents over $3billion dollars in annual spend under management; these client organisations will now have access to the spend analysis, market intelligence and procure-to-pay services that cloudBuy brings to the partnership.

cloudBuy and its partner have created a mutual referral partnership. The first contract under the agreement will result in cloudBuy receiving a small percentage of the spend flowing through the system. The first customer to sign up is expected to be worth $600,000 per annum to cloudBuy, implementation is complete, with 'go live' at the beginning of April.

Ronald Duncan, Chairman of cloudBuy, commented:"The US market is the largest and most mature globally for procurement services. With our partner we can fast track our market entry into the F2000 and already have leads into government and education, healthcare, manufacturing, real estate, chemicals, energy, retail and fast food companies/industries.

This capability complements our work in Asia Pacific, particularly in India, where the CII members are of particular interest to global corporates, which source many of their manufactured goods from this group of suppliers."

For further information, please contact:

About cloudBuy PLC

cloudBuy, formerly @UK, is the world's leading transactional Cloud Platform.

cloudBuy has used the platform to build the 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 $ 500 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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