Two contracts for cloud firm

Beeks poised for growth after securing million dollar deal

Gordon McArthur

Gordon McArthur: significant growth opportunity

Beeks Financial Cloud Group, the Glasgow-based cloud computing provider for financial markets, has secured its first $1 million annualised contract – one of two seven-figure deals.

The first is a SasS-based contract with a global financial markets technology provider, and the second is a £1.1m contract over three years with a cloud-based payments solution provider.

The SaaS contract will start in January and is committed to grow to a run rate of $1 million annually, with the potential for further expansion thereafter.

The second contract is the first win for Beeks in the growing open banking and payments sector. 

AIM-quoted Beeks, which recently moved from Linwood to Hillington, will design and supply a private network and fully managed infrastructure environment, enabling the payments provider to expand its secure and resilient end-to-end payments-as-a-Service solution for financial institutions and regulated fintech organisations.

New regulations, such as the second Payment Services Directive (PSD2) and the Open Banking reforms, which require the sharing of financial data, are driving a shift towards new open banking and payments offerings within financial services and the growing adoption of cloud-computing to deliver them.

Gordon McArthur, CEO of Beeks Financial Cloud, said: “Our selection as preferred vendor for one of the largest technology providers for financial markets globally represents our largest initial customer deployment to date and provides Beeks with a significant growth opportunity.

“The scalability of our network means that we are ideally placed to provide substantial cloud infrastructure setup across our locations internationally.

“We are also delighted to have been selected to support the expansion of this innovator in the payments sector.

“Regulation is driving the use of new technology, with the demand for increased level of security and expanding data volumes requiring banks and payments institutions to assess more flexible and secure cloud-based infrastructures over traditional IT architectures.”

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