Beeks Financial Cloud secures £2.1m contract with forex broker

(Sharecast News) - Beeks Financial Cloud announced on Tuesday that it has secured a £2.1m Proximity Cloud contract with a large foreign exchange broker.

The AIM-traded firm said the five-year agreement would see the customer transition from Beeks' Private Cloud offering, which it had used since September last year, to its Proximity Cloud solution.

It said the service would provide a dedicated, client-owned trading environment deployed across multiple locations.

Revenue from the contract was expected to begin in the current financial year.

The board said the deal reflected ongoing demand for low-latency, infrastructure-as-a-service solutions among financial market participants, as well as Beeks' strategy of deepening relationships with existing institutional clients by expanding service usage.

"This latest win highlights both the strength of our offering and the significant expansion potential across our growing customer base of major financial institutions," said chief executive Gordon McArthur.

"We continue to see strong momentum across the business and remain focused on converting our considerable and growing pipeline."

At 1119 BST, shares in Beeks Financial Cloud Group were up 4.38% at 163.88p.

Reporting by Josh White for Sharecast.com.

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