24th Aug 2016 07:20
LONDON (Alliance News) - Cloud-based e-procurement firm CloudBuy PLC Wednesday said it has signed a contract to deliver a new online marketplace for the 170,000 members of non-profit "experts in business" FSB.
FSB offers members a wide range of business services, including advice, financial expertise, support and a voice in government with an ultimate aim of helping small businesses achieve their goals.
Under the five year contract, CloudBuy will establish an online marketplace to allow members of FSB to trade with each other securely and cost effectively as well as allow both consumer and business buyers to buy goods and services directly from FSB's trusted member network.
The FSB marketplace will also act as a showcase for the goods and services of innovative smaller businesses to larger organisations and overseas buyers, CloudBuy said.
Revenue from the contract will arise from a mix of implementation, SaaS licence, support and hosting and a share of transaction revenue, yet no forecasts were published.
"Although it is expected that there will be some contribution of revenues in the current financial year, this contract win is not expected to change market expectations," said CloudBuy.
There will be no registration or subscription fees for FSB members to join the marketplace and list their products and services. There will be a "very competitive fee per transaction" making it a genuine "pay as you earn" online sales portal for FSB members.
The launch of the FSB marketplace is planned for early 2017.
CloudBuy shares were up 8.6% to 7.60 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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