11th Mar 2014 10:41
LONDON (Alliance News) - cloudBuy PLC said Tuesday it has been awarded a contract in India to provide a cloudBuy private purchasing portal for electronic payments.
The contract with Sarth Surfacrete is the company's first eProcurement agreement in Mumbai, India, said the firm.
The portal will feature integrated electronic payment as a standard feature and, as part of the implementation, Sarth Surfacrete's suppliers, some of which are large corporates, will be provided with a dedicated B2B eCommerce environment to facilitate trading and electronic payment, said cloudBuy.
CloudBuy said the contract builds on its investments in the country, after boosting its capabilities to cover India's range of in-country taxes in its eCommerce engine.
Ronald Duncan, Executive Chairman of cloudBuy, said, "India's eCommerce market grew at 88% in 2013 rising to USD16bn, and it is clear that there is a readiness and excitement around B2B eCommerce within India's thriving business sector."
Prashant Palande, Managing Director of Sarth Surfacrete, added, "We use leading technology in our construction and corporate interior projects, similarly we were looking out for a latest solution to ease our procurement issues for the next five years. Having the solution in the cloud reduces our implementation and maintenance costs, which is an added advantage along with bringing our suppliers and their payment 'Online', which swayed our decision in cloudBuy's favour."
Shares in cloudBuy were trading higher on the news Tuesday morning, up 6.25% at 51.265 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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