Beeks Financial Cloud Group Plc (LON:BKS), a cloud computing and connectivity provider for financial markets, announces the signing of a $2.2 million contract over four years for its recently launched Proximity Cloud offering, with one of the world’s largest Foreign Exchange brokers.
This is another significant contract for the offering which was launched in August last year and is a new customer for Beeks, adding to the company’s 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, a high-performance, dedicated and client-owned trading environment, fully optimised for low latency trading conditions and built with security and compliance at the forefront. A substantial pipeline continues to build for the offering.
With the ability to now offer fully hosted, or private cloud solutions, from the Company’s network of global data centres or on client site, Beeks is 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. These latency sensitive environments need to be built, connected and analysed and Beeks is one of the few companies in the world that can provide this.
As a result, 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.
Combined with positive trading with new and existing clients, this new Proximity Cloud contract win means that the Board now anticipates revenues for the year ended 30 June 2022 will be ahead of current market expectations. 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 of Beeks Financial Cloud commented:
“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.”