This interoperable web-based application serves as a unique European model in that it covers all contracting authorities (public services, local authorities and governmental/non-profit semi-governmental organisations) in a member state. Furthermore, it includes all tender procedures as laid down by the provisions of European and Cypriot public procurement law.

The eProcurement system offers a number of possibilities: firstly, it allows for the use of electronic means in all phases of the public procurement process, such as call for tender, eAccess, eTendering, evaluation and eAwarding; secondly, it enables the use of framework agreements in eCatalogue development and the submission of electronic orders from contracting authorities, thus creating an electronic marketplace that meets the needs of the wider public sector.

The eProcurement system was developed with the support of the Department of Information Technology Services under the Ministry of Finance, and it is managed by the Public Procurement Directorate of the Treasury of the Republic. It forms part of the Treasury's overall objective of creating a collaborative eProcurement environment which reduces bureaucracy. In addition, the system assists SMEs and maximises the effectiveness of the wider public sector through the development of eGovernment.

By introducing the eProcurement system in 2009, the Treasury of the Republic made a major breakthrough in the wider public service sector with respect to its procurement procedures and in its dealings with the private sector which exceed €1 billion annually.

The Innovation Award Competition was held in Nicosia. It is a yearly event that was established by the Cyprus Employers and Industrialists Federation (ΟΕΒ) in 2006, and recognises companies, organisations and services either in the private or the public sector which are successful in the implementation of innovative ideas and practices.