8 Jul 2014 07:00
8 July 2014
EU Supply PLC
("EU Supply", the "Group", or the "Company")
Framework Agreement with Public Procurement Office of Lithuania
EU Supply PLC (LSE AIM: EUSP), the e-procurement SaaS provider, is pleased to announce that it has signed a framework agreement with the Public Procurement Office ("PPO") of Lithuania.
EU Supply has been awarded a new framework agreement (the "Framework Agreement" or "Framework") to provide up to three years of application support, and enhancements and integrations of its Complete Tender ManagementTM solution in Lithuania which is used by more than 8000 public sector bodies for their electronic tendering.
While the PPO is not obliged to order any services under the Framework Agreement, it has already identified a number of enhancements and state system integrations. The maximum value that may be procured under the Framework over three years is LTL 3.9 million including VAT (approximately £750,000 excluding VAT).
The purposes of the Framework Agreement include the improvement of core functions, upgrading to 64 bit platform (by 31 October 2014), as well as establishing integrations with other information systems, such as E-Invoicing, Public Procurement Risk Management Information System, Ministry of Finance Information System and Data Exchange Platform .
Thomas Beergrehn, CEO of EU Supply, added:
"We are pleased to continue our relationship with the Public Procurement Office of Lithuania by signing this new 3 year framework agreement. We are looking forward to supporting the further upgrading of the national system in Lithuania, which is already a leading EU Member State in terms of scale of adoption of e-tendering.
We anticipate that a three year support contract with a value of approximately £300,000 will be called-off shortly and that most of the integration and enhancement services would be added during 2014-2015."
For further information please contact:
EU Supply PLC | via Newgate Threadneedle |
Thomas Beergrehn, CEO | |
Mark Elliott, CFO | |
Westhouse Securities | Tel: 020 7601 6100 |
Tom Griffiths, David Coaten | |
Newgate Threadneedle | Tel: 020 7653 9850 |
Caroline Evans-Jones, Josh Royston, Hilary Millar |
Notes to Editors
EU Supply is the UK holding company of the EU Supply Group, a Sweden-based e-commerce business which has an established, market-leading, multilingual e-procurement platform for e-sourcing, e-tendering and contract management, tailored for the highly regulated European public sector market.
Since 2006, the Group has invested heavily in employing specialist programmers to add functionality, legal compliance as required and security features to its Complete Tender Management™ ("CTM™") platform to ensure that the Group is ideally placed to secure new contracts with EU Member States and their Contracting Authorities. The platform is available in 16 different languages.
The Directors believe that the Group's CTM™ platform is one of the easiest to use and most functionally advanced solutions available in the market. The CTM™ platform is used by over 7,000 European public sector bodies in 10 EU/EEC Member States and has National Procurement System status in four Member States (the UK, Ireland, Norway and Lithuania).
The Company's shares were admitted to trading on AIM on 13 November 2013 ("Admission"). At the same time, the Company raised £5.0 million before expenses mainly to fund expansion of its sales team, provide working capital for the Group and to repay borrowings, leaving the Group debt free on Admission.