LINWOOD-based Beeks Financial Cloud Group has achieved a market valuation of £24.5 million after completing its initial public offering on the Alternative Investment Market (AIM).
The financial technology company, whose systems allow financial institutions to execute instantaneous online trades, raised £7m via the float, which saw it issue nine million new shares at 50p each. Existing shareholders also sold down five million shares at the same price.
According to chief executive Gordon McArthur, who was by far the company’s largest shareholder prior to the float, joining AIM “marks a significant milestone for the company”.
“As a growing technology provider for automated trading, we believe that public company status and the new funds raised will enable us to accelerate our clear organic and acquisitive growth strategy,” he said.
While Beeks is headquartered in Scotland the vast majority of its clients are based around the globe.
The firm will use the proceeds of its IPO to target new markets and will also seek out what it terms “bolt-on and strategic acquisition opportunities”.
Two years ago the company branched out into futures trading after acquiring Chicago-based business VDIware.
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