15th Sep 2014 08:47
LONDON (Alliance News) - Cloudbuy PLC said Monday that it has extended its contract with Visa Asia Pacific for a five-year term.
The cloud e-commerce company said that the extended deal boosts the scope of services that can be procured to cover the electronic marketplace, pre sales support, project management and SpendInsight services in the Asia Pacific region.
Cloudbuy is encouraged by the contract extension, with Chairman Ronald Duncan suggesting that the deal has the potential to transform our business over the term. "Following our Australian contract win and progress in Asia Pacific, we are delighted to have signed an extension to our contract with Visa which widens the scope of work that we can undertake and extends the agreement for a further 5 years."
In its half-year results in August Cloudbuy reiterated confidence that its mid-term turnover and margin targets were "eminently achievable," as it posted a widened pretax loss and increased costs in the six months to the end of June as a result of adding to headcount during the year, as part of the company's focus on "globalising" its business, it said.
Shares in CloudBuy were Monday morning trading 0.32% higher at 47.15 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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