Technology company may seek AIM float
Glasgow fintech firm buys into Chicago futures
Beeks Financial Cloud, which helps institutions trade foreign exchange securely and quickly through the cloud, has funded the acquisition of VDIware from its own resources. It now says it may seek admission to the Alternative Investment Market.
VDIware is based in Chicago’s financial district, the nerve centre of the worldwide futures markets. It has direct connectivity to futures exchanges the Chicago Mercantile Exchange and Intercontinental Exchange.
The acquisition follows last year’s purchase of New York-based Gallant VPS by Beeks Financial Cloud subsidiary BeeksFX VPS. Beeks also set up an office in Tokyo.
Berkshire Capital, a New York-based investment bank specialising in mergers and acquisitions in the financial services sector, advised on the VDIware deal.
Beeks’ chief executive and co-founder Gordon McArthur (pictured) said the acquisition fits perfectly with the company’s long-term growth strategy.
He said: “Our aim is to become a cross-asset-class financial markets hosting specialist for the foreign exchange (forex), futures, and equities markets.
“We have an unrivalled reputation in the forex markets and the acquisition of the highly respected VDIware brings our world-beating hosting services to institutional clients in the futures town, Chicago.”
With the acquisition of VDIware, Beeks Financial Cloud now offers institutional investors direct access to futures exchanges in Chicago, Frankfurt, New York, Tokyo and London. It provides ultra-reliable and high-speed hosting of servers and market data.
VDIware founders Pete Johnson and Patrick Rams have moved over to Beeks Financial Cloud. They will continue to be based at the company’s Chicago office and hold the positions of VP Americas and Group Global Sales Director, respectively.
Mr Johnson said: “We’re looking forward to bringing Beeks’ financial cloud services to our futures clients. For us, it always seemed the perfect fit.”
Set up four years ago by Scots Gordon McArthur and Tony Doleman, Beeks Financial Cloud has grown from a £60,000 turnover in year one to a projected £5 million this year, a target it has reached 18 months ahead of schedule.
The company plans to more than double revenue by the end of 2017.
Mr McArthur said: “We plan to grow organically over the next two years. But we are always on the look-out for the self-funded acquisition of a hosting provider to the equities markets.
“And we haven’t ruled out an AIM flotation if and when the time is right. Watch this space.”