26th Mar 2015 08:19
LONDON (Alliance News) - E-commerce company CloudBuy PLC on Thursday said it has signed a deal with Venture Alliance Consulting Ltd to provide a portal to automate company formations in the United Arab Emirates.
Under the deal, CloudBuy and DUC International Consulting will receive a share of the revenue from the service, which is due to be launched immediately. Based upon existing activity levels, the contract is expected to be worth GBP600,000 a year to CloudBuy, the company said.
Company formation is the process of incorporating a company.
"We are experts in company formations and have tried and tested software which automates all elements of the incorporation process. This is very transportable to other geographies and this contract is our first such win as we leverage the value of our technology. This leads directly into the ability to sell on our B2B e-commerce services to all of the companies that incorporate with the new service," said CloudBuy Chairman Ronald Duncan.
CloudBuy shares were up 9.8% to 21.95 pence on the news, one of the best performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
CBUY.L