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Synise Technologies ties up with UK based cloudBuy for B2B Market Place for procurement of indirect materials

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The association will set up an efficient ecosystem through sourcing to payment and real-time integrated services

Pune (Oct 21, 2014): Synise Technologies, a part of US $ 2.5 bn. Kalyani Group has recently entered into an association with cloudBuy, a UK based and LSE listed company for operating a B2B market place and sourcing from India in support of the Indian Governments ‘Make in India’ campaign.

The partnership aims to create a B2B Market Place that will cater to procurement of indirect material by various industries like Auto/Auto Ancillaries/FMCG/Textiles/Capital Goods etc. The collaboration will help improve on Synise’s existing outsourcing of procurement with cloudBuy’s solutions that offer sourcing to payment, making the final offering more efficient due to use of technology. It also adds many features and offerings such as spend analysis, contract management, payment facilities etc. Additionally, the existing clients of Synise can procure through the market place and save on their procurement cost and add to their bottom-line and also benefit from the asset management offering through the B2B market place.

The market size in India is estimated to be US $ 2 bn. for indirect material and the partnership aims to capture a sizable share of the same in the next few years. The Government of India is encouraging PSU/ST/ULC etc. sectors to adopt e-procurement and as the market is still at a nascent stage in India, there is a tremendous potential for e-procurement services in the country.

Complementing the new governments campaign to drive growth in India nationally and internationally, this association will help businesses leverage the advantages and efficiencies of leading e-business applications and with end to end solution i.e. identification of sources, approval of samples, monitoring shipping etc.

Ashok Dani, CEO of SYNISE commented: "The Gulf States are India's largest trading partner and we have the largest group of vetted high quality Indian suppliers. We believe there is immense potential in providing these suppliers with B2B ecommerce so that they can easily export to the world, at the same time as making their Indian business more efficient. The association with cloudBuy will help us tap this potential and provide a value added proposition to our customers."

Ronald Duncan, Chairman of cloudBuy commented: "Having come directly from meetings in the United Arab Emirates where we have opportunities that are a perfect synergy with the “Make in India” campaign, it was great to immediately finalise a deal that will support Indian exports to the Middle East and the rest of the world”

Synise is India’s leading procurement service provider with 80+ clients and a 15,000+ supplier base. Synise offers various services in the procurement space to large corporates in India, and is a pioneer in eAuctions for procurement as well as sale of industrial products. Besides eAuctions, Synise offers Sourcing Support, Outsourcing of Indirect Material, Supply Chain Management Services and eTendering for PSUs/ULB/SUs etc.   

cloudBuy are a leading global B2B marketplace which recently extended their partnership with Visa Asia Pacific for a further 5 years.  They have over US $ 500 billion in B2B spend on their analysis platform and have created a number of leading marketplaces around the world. cloudBuy promoted by Mr. Ronald Duncan, a two time Olympian, is headquartered in London and has offices in US, Australia and India.