16 December 2014
RapidCloud International plc (AIM: RCI), the Southeast Asian based software solutions provider offering subscription services through all segments of cloud computing, announces that it has won a multi-year contract with the Philippine Institute of Certified Public Accountants ("PICPA”).
PICPA is an organisation with approximately 130,000 members, of which 30,000 are currently active. The contract is to provide a web-based membership portal to optimise the process of PICPA member registration and renewals. The objective being to increase PICPA membership through improving the user experience, expanding public reach, and providing a forum through which members can communicate. RapidCloud’s solution will also ensure the integrity and relevance of the underlying member database.
The Company will provide a full payment gateway facility as part of the solution and will receive transaction fees each time a member signs up for a seminar, makes an e-commerce purchase through the portal or renews membership. These annuity revenues are expected to grow over time as the solution increases PICPA membership and use of the portal increases.
The contract is for a minimum of one year and whilst revenue is not guaranteed, recurring revenue could reach RM six figures or more annually.
PICPA is a recognised institution by the Professional Regulation Commission ("PRC”) which is responsible for the licensing, administration, implementation and enforcement of regulatory policies on over 45 professions within the Philippines. These professions include agriculture, fisheries, chemistry, electrical engineering, medicine, mining and teaching among others. It is therefore expected that RapidCloud’s contract with PICPA may lead to similar extensive opportunities with other important industries across the Philippines.
Raymond Chee, Managing Director of RapidCloud, commented: "We are delighted to announce this contract win with such an esteemed organisation as the Institute of Certified Accountants, which pays testament to the quality and integrity of our in-house developed software solutions. The contract reflects the success of our focus on annuity revenue streams and also demonstrates the increasing traction we are gaining within the Philippines market, where we are witnessing numerous similar opportunities. We therefore hope to be able to announce further contract wins of this kind in the future.”
For further information, please visit www.rapidcloudasia.com or contact:
|RapidCloud International Plc
Raymond Chee, Managing Director
David Cotterell, Chairman
|Allenby Capital, Nominated Adviser and Joint Broker
|Tel: +44 (0)20 3328 5656|
|Walbrook, Financial PR and IR
|Tel: 44 (0)20 7933 8792
RapidCloud, one of the few integrated subscription-based computing solutions providers in Malaysia that offers its services through all three currently available segments of cloud computing. The Company is based in Southeast Asia and is one of the few solutions providers in the region to deliver its offerings through all three available Cloud Computing segments, i.e. Software-as-a-Service, Infrastructure-as-a-Service and Platform-as-a-Service.
Formed in 1999 the Company has a well-established cloud offering with a customer base of 37,000. These are predominantly SMEs but also include blue-chip clients such as Deloitte, BAE Systems and Canon, for which RapidCloud’s extensive R&D department creates bespoke software solutions.
RapidCloud currently has operations in Malaysia, Thailand and the Philippines and has plans to expand into Indonesia. According to industry research commissioned by RapidCloud from Frost & Sullivan in 2013, the Cloud Computing industry in Asia Pacific is expected to grow at a CAGR of 49.6% between 2013 and 2015, giving a market size of US45.6 billion by 2015.
RapidCloud International plc was admitted to AIM on 14 August 2013.