RENFREWSHIRE-based fintech firm Beeks Financial Cloud has bought a US trading systems specialist for up to $1.4 million (£1.1m) in support of its global growth plans.

Beeks, which has developed online systems that can be used to speed up trading in financial products, said the acquisition of Commercial Network Services (CNS) would allow the group to increase its customer base while achieving cost savings.

It noted that California-based CNS provides services to around 1,000 retail traders and operates data centres in London, New York and Los Angeles.

The company made around $0.2m profit on revenues of $1m last year.

Beeks’ chief executive, Gordon McArthur said the deal vindicated the firm’s view that the fragmented nature of the industry it worked in should create opportunities to augment its organic growth with bolt-on and strategic acquisitions.

After floating on the AIM market in November 2017 Beeks was left with increased firepower for acquisitions.

The firm has targeted the institutional market while also capitalising on the trend for growing numbers of independent retail investors to use automated trading systems.

Beeks said the acquisition is expected to be earnings enhancing within the first full year.

It has agreed to pay $1.3m in cash on completion, with $0.1m retained subject to satisfactory completion of warranties.