19th May 2015 07:57
LONDON (Alliance News) - Cloud-based e-commerce company CloudBuy PLC on Tuesday said it has signed a deal with the Ministry of Economy of an unnamed Middle Eastern state to provide its investor website and marketplace.
The contract is worth USD850,000 initially, with the potential for an increase as an additional 40 government organisations will be able to join the platform once it goes live.
"The Middle East is an important region for cloudBuy as it is moving forward with smart government initiatives. This win puts cloudBuy at the heart of this opportunity and builds upon our existing contracts in the region," said Executive Chairman Ronald Duncan.
Duncan also issued a statement ahead of the company's annual general meeting on Tuesday, saying the business is making good progress on the back of contract wins in the UK and India and on the work being done to expand its platform in Asia.
Shares in CloudBuy were up 1.1% to 26.285 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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