CBUY.L Share News (CBUY)

(ShareCast News) - AIM-listed CloudBuy has signed a three-year contract with HealthShare NSW in Australia valued at £332,996, with the option to extend for another two years.HeathShare NSW is the service delivery arm of NSW Health, which is responsible for delivering pubic health services in New South Wales.Under the terms of the contract, CloudBuy will supply its SpendInsight solution, along with global benchmarking, professional services, hosting, training and support, to provide the customer with regular analysis of its historical spend data and help identify areas for savings and efficiency improvement.The company, which provides cloud-based e-commerce marketplaces and B2B buyer and supplier solutions, said revenue will be recognised over the life of the contract with a small weighting towards the first year.Chief executive officer Lyn Duncan said: "We are pleased to secure this key Australian client, demonstrating our growing credentials in this market."HealthShare NSW is Australia's largest public sector shared services provider. CloudBuy's SpendInsight solution will be used to analyse their spending to help them identify the areas of the organisation, products, suppliers and contracts on which to focus on to gain the greatest or fastest savings and efficiencies."At 0932 BST, CloudBuy shares were up 14% to 8.68p.