REG - Beeks Fin Cloud Grp - USD2.2m Contract Win and Trading Update

Beeks Financial CloudAnnouncement

02/02/2022 07:00

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RNS Number : 3892A  Beeks Financial Cloud Group PLC  02 February 2022

Beeks Financial Cloud Group plc

("Beeks" or the "Company")

 

$2.2m Proximity Cloud Contract Win and Trading Update

 

Significant contract secured for recently launched offering, revenues for FY22
now expected to be ahead of current market expectations

 

2 February 2022 --Beeks Financial Cloud Group Plc
(https://www.beeksgroup.com/) (AIM: BKS), a cloud computing and connectivity
provider for financial markets, is pleased to announce 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.

 

Trading Update

 

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.

 

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

 

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by
virtue of the European Union (Withdrawal) Act 2018.

 

For further information please contact:

 

 Beeks Financial Cloud Group plc
 Gordon McArthur, CEO                               via Alma PR
 Fraser McDonald, CFO
 Canaccord Genuity                                  +44 (0)20 7523 8000
 Adam James / Patrick Dolaghan
 Alma PR                                            +44(0)20 3405 0205
 Caroline Forde / Hilary Buchanan / Joe Pederzolli

 

ABOUT BEEKS FINANCIAL CLOUD

Beeks Financial Cloud is a leading cloud computing, connectivity and analytics
provider for financial services. Our cloud-based Infrastructure-as-a-Service
(IaaS) model allows financial organisations the flexibility and agility to
deploy and connect to a variety of exchanges, trading venues and cloud service
providers at a fraction of the cost of building their own networks and
infrastructure. Based in the UK with an international network of 19
datacentres, Beeks supports its global customers at scale in the leading
financial centres.

For more information, visit:  www.beeksgroup.com

 

 

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