cloudBuy, the cloud eCommerce marketplace, has won a contract with an Australian state government to provide an eprocurement marketplace. Phase 1 will be to implement an end to end electronic procurement marketplace for the Treasury department and all IT purchasing. An implementation fee has been agreed and ongoing cloudBuy revenues will be derived via a transactional charge, calculated as a percentage of the value of spend. Based on the current procurement card spend, it is estimated that this could generate a fee of approximately A$900,000 per annum which could in due course rise to a maximum of A$7.2m per annum. The initial contract, which is for a minimum period of 6 months, covers the implementation and delivery of the Software as a Service cloudBuy eMarketplace solution and support of the onboarding process of 20 key Treasury and ICT suppliers for phase 1 of the state's shared service deployment. The marketplace will integrate with the State's SAP enterprise platform, enabling electronic invoicing and purchase orders.
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