(Alliance News) - Shares rose in Beeks Financial Cloud Group PLC on Friday as it announced winning two new significant contracts, reflecting an expansion into new sectors.
Shares in the Glasgow-based cloud computing company focused on financial markets were 15% higher at 103.48 pence on Friday in London.
The first contract is with an unnamed global financial market technology provider, in which Beeks will become the preferred cloud vendor for providing on-demand private cloud infrastructure.
The software-as-a-service based contract will start in January and has an annual run rate of USD1 million, with the potential to expand further.
The second contract is with an unnamed cloud-based payment services provider, and is worth GBP1.1 million over a three-year term.
Under the second agreement, Beeks will design and supply a private network and fully managed infrastructure environment, allowing the payments provider to expand its payments-as-a-service products to financial institutions and fintech firms.
The contract is due to be implemented in the first half of 2020. Beeks said this is its first contract win into the open banking and payments sector.
"Our selection as preferred vendor for one of the largest technology providers for financial markets globally represents our largest initial customer deployment to date and provides Beeks with a significant growth opportunity. The scalability of our network means that we are ideally placed to provide substantial cloud infrastructure setup across our locations internationally," said Chief Executive Officer Gordon McArthur.
"We are also delighted to have been selected to support the expansion of this innovator in the Payments sector. Regulation is driving the use of new technology, with the demand for increased level of security and expanding data volumes requiring banks and payments institutions to assess more flexible and secure cloud-based infrastructures over traditional IT architectures," McArthur added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Beeks Fin.cloud (BKS)