cloudBuy looks to expand after winning Middle Eastern contract

26th Mar 2015 10:13

E-commerce group cloudBuy said it has been awarded a contract to cover the Ajman free trade zone in the United Arab Emirates.The London-listed company said it will provide a portal to automate company formations in the area, describing the deal as the first step in its global expansion in the field.Along with its partner DUC International Consulting, cloudBuy will receive a share of the revenue from the service.The agreement is initially expected to be worth approximately £600,000 per year, but the company said it expected it to grow as the group seeks to increase its sales in the Middle East.This contract is our first such win as we leverage the value of our technology," said group chairman Ronal Duncan."This leads directly into the ability to sell on our B2B e-commerce services to all of the companies that incorporate with the new service."cloudBuy shares were up 5% to 21.00p at 10:46 on Thursday.