The aim of the TaaS project is to create a cloud-based platform for acquiring, cleaning up, sharing, and reusing multilingual terminological data, one of the most important language resources for industry, academia, and society in general. The motivation of the TaaS project is to address an evident need for instant access to the most recent terms and direct user involvement in the creation and sharing of terminology data. Such a platform will provide a variety of online services for key terminology tasks becoming an integral part of the multifaceted global cloud-based service infrastructure. TaaS services will perform term identification in the user provided documents. The platform will perform terminology extraction and return a list of term candidates. The TaaS infrastructure will ensure an automatic acquisition of translation equivalents for the obtained term candidates in the required target languages. Besides querying major terminology databases, term candidates will be extracted from the huge array of multilingual texts on the web. Users will clean up the obtained data and store it in the shared terminology repository. TaaS will cover all EU official languages and address the terminology needs for both human and machine users. Open access to data, API access to services, reliance on terminology data exchange standards opens a variety of application possibilities. The TaaS project will develop an innovative cloud-based data collection model combining both the latest techniques for automated data extraction and user involvement in data clean-up and sharing. Public terminology resources will be shared via well-established channels for sharing of language resources. Thus, the more users the platform will have the larger volumes of multilingual terminological data will be acquired, cleaned and then shared and reused via different channels. TaaS platform will serve terminology needs of a wide range of applications from which three usage scenarios will be elaborated.