CBUY.L Regulatory News (CBUY)

9 Jun 2006 10:00

@UK PLC09 June 2006 For immediate release 9 June 2006 @UK PLC ("@UK") @UK awarded major new research funding @UK PLC, (AIM: ATUK.L) a leading provider of software solutions that facilitateeCommerce and eProcurement, today announces that it has won major R&D fundingwith Reading University and Goldsmiths College, University of London to developnew leading-edge techniques in e-commerce and e-procurement. The team, which comprises @UK, Reading University and Goldsmiths College, hasbeen working on fraud detection using Artificial Intelligence for e-commerce forover two years. The new funding will support the equivalent of nine man yearsfurther development and will focus on Search Engine Algorithms, Classificationand Spidering. @UK PLC is currently recruiting in order to accelerate thisdevelopment. Commenting on the funding, @UK Managing Director, Lyn Duncan said, "Thetechnology behind the scenes of search engines and e-commerce networks isbecoming increasingly complex and security is an ever important issue. We havealready been working to set new levels of security and fraud detection, and cannow extend this into the next generation of search and classification. This award will fund both pure research and delivery of the resulting productand is recognition of the fact that @UK and its partners are working at theleading edge in this field". For further information please contact: @UK PLC +44 (0) 118 963 7000Lyn Duncan Managing DirectorJohn Aiken Finance DirectorShore Capital +44 (0) 151 600 3700Mike SawbridgeSmithfield +44 (0) 20 7360 4900Sara MusgraveTania Wild Notes to EditorsAbout @UK: eCommerce can be defined as the buying and selling of products and services overthe internet. eProcurement is the particular process by which largeorganisations carry out their purchasing using eCommerce. @UK offers a uniquesolution within the field of eCommerce/eProcurement. Using its online network,public sector bodies such as local authorities, schools and hospitals andprivate sector enterprises can buy online from small to medium enterprises(SMEs), as well as larger suppliers. At the same time those suppliers generallyset up a trading website on @UK which can be used to sell online to otherbusinesses and even consumers worldwide. @UK is currently focused strongly onselling this approach to buyers throughout the public sector since this sectoroffers specific opportunities as a result of the UK Government's statedrequirements for eProcurement. Currently, there are over 1,000 public sector bodies spending over £100 billionannually on goods and services with around one million suppliers. These publicsector bodies have now been given specific performance targets in connectionwith eProcurement, and substantial sums have been invested by the Government ineCommerce platforms in both central and local Government. These projects form a core part of the 'Gershon' efficiency drive to save thepublic purse more than £20 billion annually by 2007/08. This drive followed thepublication in July 2004 of Sir Peter Gershon's report, 'Releasing resources tothe front line: Independent Review of Public Sector Efficiency'. In addition,the Government encourages public sector bodies to engage with local companiesand stimulate their adoption of eCommerce. The Directors believe that @UK is ideally positioned to experience significantgrowth as these public sector bodies put in place the necessary online linkswith their suppliers. @UK listed on AIM in December 2005, raising £8 million before expenses at anissue price of 60p. It acquired Coding International, which provides codingservices for use in procurement, on 2 May 2006 for an initial consideration of£50,000 payable in cash and shares and deferred payments of up to £50,000 intotal, payable in shares. @UK is included in the Software and Computer ServicesSector (9530). For further information please visit www.ukplc.net. This information is provided by RNS The company news service from the London Stock Exchange