30th Sep 2014 09:51
LONDON (Alliance News) - CloudBuy PLC said Tuesday that it has signed a memorandum of understanding with SYNISE to provide a B2B marketplace and a Source India project in support of the India government's "Make in India" Campaign.
SYNISE is a procurement service provider in India, part of the Kalyani group, which provides outsourced procurement services to 80 Indian corporates and their 15,000 suppliers.
Under the terms of the agreement, cloudBuy, the AIM-listed cloud e-commerce marketplace, said Tuesday that it will provide the technology and SYNISE will contribute the procurement services.
"It is expected that the cloudBuy revenues generated under the MOU will be a small percentage of the value flowing through the markertplace. SYNISE anticipates that its customers could transact up to US $2 billion per year," said cloudBuy.
"Having come directly from meetings in the United Arab Emirates where we have opportunities that are a perfect synergy with the "Make in India" campaign, it was great to immediately finalise a deal that will support Indian exports to the Middle East," said Ronald Duncan, chairman of the AIM-listed technology company.
Shares in cloudBuy were Tuesday trading 3.53% lower at 41.00 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
CBUY.L