plc, the cloud eCommerce marketplace, today announced it has won a
new contract with an Australian State Government (the "State") to
deliver an eProcurement marketplace for the State's treasury and IT
departments. Once deployed, the new eMarketplace will consolidate
existing shared services through a single online platform, delivering
financial and efficiency savings. The eMarketplace will also be
integrated with the State's existing SAP enterprise platform, enabling
electronic invoicing and purchase order synchronisation.
The first phase of the project, which will run for a minimum six month
period initially, will see cloudBuy implement its end-to-end Software as
a Service (SaaS) eMarketplace for the State and support the onboarding
process of 2 key treasury and ICT suppliers to ensure a smooth
"This is cloudBuy's first eMarketplace project in Australia and follows
earlier contract wins for our Spend Analysis solution in this market,"
said Ronald Duncan, Chairman of cloudBuy plc. "As we continue to grow
our global footprint, we are in discussions with many similar potential
customers who wish to explore the benefits that cloudBuy's solutions can
Following the initial set up fees, the terms of the new contract will
see cloudBuy receive ongoing revenues via a transactional charge,
calculated as a percentage of the value spent within the eMarketplace.
Based on the State's existing procurement card spend, estimated revenues
are expected to be approximately $900,000 AUD in the first year, rising
to a potential $7.2 million annually over time.
"Traditional annual license fees are becoming increasingly unpopular
with SaaS vendors and customers alike who want more flexible payment
models based on actual usage and needs," said Ronald Duncan. "Our new
transaction based model, developed in conjunction with Visa, will
eliminate annual license costs for customers, whilst for cloudBuy it
provides a much closer link between platform usage and revenues
cloudBuy, formerly @UK, is the world'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.
For more information on cloudBuy's solutions, please visit www.cloudbuy.com
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