27th May 2014 08:36
LONDON (Alliance News) - Legendary Investments PLC Tuesday said its investee company, Virtualstock Holdings Ltd, has been accepted on the UK government's G-Cloud 5 Framework programme.
According to Legendary, which tends to invest in small companies, the acceptance means Virtualstock can now provide its services to public sector organisations, and exploratory discussions with "certain public sector organisations" aleady underway.
G-Cloud 5 provides central government departments, executive agencies and non-departmental public bodies with a cheaper and faster way to access and purchase government-approved IT products and services.
"[Virtualstock's] leading edge solutions have already been adopted by some of the largest private sector organisations and can now be supplied to public sector bodies. Virtualstock is well on its way to becoming an industry standard inventory, supply and logistics value chain and data management utility. This announcement is an important milestone referencing the successful expansion of Virtualstock beyond the retail sector," Executive Chairman Zafar Karim said in a statement.
Virtualstock's product, The Edge, aims to give organisations better control over their data, without interfering with existing systems. According to Legendary, the increased visibility of how an organisation is performing through data allows for a more efficient, leaner and cost effective operation.
Legendary Investments shares were Tuesday quoted at 0.124 pence, up 3.3%.
By Samuel Agini; [email protected]; @samuelagini
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