CloudBuy inks agreement with UOB

CloudBuy has signed an agreement with UOB a leading bank in Asia for its marketplace technology to power a new online marketplace for UOB customers.

"This strategic relationship will leverage cloudBuy's marketplace technology to provide a secure, eCommerce environment for B2B transactions with a B2C-style online shopping experience," CloudBuy said in a statement.

"Revenue for cloudBuy will be a combination of implementation services, SaaS licence and transaction based revenue.

"The initial contract term is 5 years. Some revenue from this contract will be recognised in 2016 but it is not expected that this revenue will change market expectations for the year."

At 9:19am: (LON:CBUY) Cloudbuy share price was +0.38p at 5.63p