'Significant' contract

Beeks takes cloud lead with FX broker deal

Gordon McArthur
Gordon McArthur: promising prospects

Beeks Financial Cloud, which provides connectivity for financial markets, has signed a $2.2 million contract over four years for its private cloud offering with one of the world’s largest foreign exchange brokers.

The Hillington-based company says it is another significant contract for the offering which was launched in August last year and is a new customer for AIM-quoted Beeks, adding to its growing number of tier 1 financial services customers.

Proximity Cloud is considered by Beeks to be the industry’s first private cloud environment for financial markets.

Beeks said it is now positioned to cater to the requirements of all financial institutions, no matter their size, and capitalise on the rapid acceleration of cloud deployment in financial services.

The group’s addressable market is extensive, with up to 20,000 financial institutions around the world, a large percentage of which maintain their own IT infrastructure and are yet to move to the cloud computing model.

The contract came as the board said it now anticipates revenues for the year ended 30 June 2022 will be ahead of current market expectations.

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The additional revenue will be reinvested in the further development of the Proximity Cloud offering, to capitalise on its growing sales pipeline and significant market opportunity.

Gordon McArthur, CEO, said: “The rate and size of new contract wins demonstrate the potential for Proximity Cloud, addressing a significant part of the financial services market for whom the public cloud is not sufficiently secure.

“The successes with our tier 1 clients mean we are now recognised as an established technology provider to financial markets, with a track record and compelling reference clients, providing us with a strong foundation to drive our business forward.

“The prospects for Beeks have never been more promising and with a growing pipeline we are excited by the opportunity ahead.”

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