By Scott Wright
SHARES in Glasgow-based Beeks Financial Cloud leapt by more than ten per cent as it reported a “fantastic” trading performance and unveiled the first customer for its new Exchange Cloud offering.
Beeks, which provides cloud computing and connectivity services to financial markets, told the City it had exited the year ended June 30 with annualised committed monthly revenue in excess of £19.3 million.
The company, which has offices in the world’s major financial centres, said the figure represents growth of 40% on the prior year, and provides the platform for further expansion in its current financial year. The growth last year was in line with upwardly revised market expectations.
Beeks noted that it had entered the current year with a “record sales pipeline”, stating that its performance has been underpinned by the introduction of its Proximity Cloud and Exchange Cloud services.
The first half saw Beeks sign up ICE Global Network (IGN) as the inaugural client for Exchange Cloud, which it describes as a “multi-home, fully configured and pre-installed physical trading environment that has been fully optimised for global exchanges to offer cloud solutions to their end users.”
It is the next iteration of Proximity Cloud, a single-use platform that banks, brokers or investment managers can use for their own purposes without being hosted in a Beeks data centre. Exchange Cloud allows multiple organisations to use the same infrastructure.
Gordon McArthur, chief executive of Beeks, said: “Regulatory compliance concerns continue to be the most significant cloud challenge for the financial services sector. We’re delighted to have been working with ICE over the past year to deliver an in-colocation, private cloud deployment for their capital markets clients that not only meets those exacting standards, but eliminated some of the risks, making it a lot easier for market participants to add value to their business. Beeks technology is a valuable fit for IGN and we look forward to a successful relationship and delivering value via our on demand compute service.
“The success of Proximity Cloud and Exchange Cloud have contributed to a fantastic trading performance in FY22 and we enter the new year with a record sales pipeline and confidence in our ability to continue to capitalise on the significant opportunity ahead.”
IGN, which has signed a multi-year deal with a period of exclusivity, can now provide Exchange Cloud’s infrastructure, compute and analytics, offering private cloud services at its NY4 data centre in Secaucus, New Jersey. There are plans to further expand the service to other IGN data centres around the world.
Margaret Niche, head of ICE Global Network, said: “ICE Global Network offers global market participants a high-quality, focused service with access to more than 150 liquidity centres. Our work with Beeks now gives these participants the ability to combine IGN’s capabilities with Beeks Group’s virtual compute services and analytics. It provides market participants with a comprehensive solution that offers the flexibility they need to be agile in an ever-changing trading environment.”
Shares in Beeks closed up 14.9p at 157.9p.
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