LONDON (Alliance News) - IT services provider Beeks Financial Cloud Group PLC said on Thursday it has signed a three-year contract with an unnamed tier one insurance-focused financial services firm.
Under the contract, Beeks will manage the customer's cloud activities across Beeks's public and private cloud. Beeks will also provide infrastructure-as-a-service for the customer's connectivity to major cloud service providers.
Cloud computing is the delivery of computer services over the internet, expected to lower operating costs and increase efficiency.
Phase one of the contract is worth up to GBP500,000 over three years, and is expected to start in the first quarter of 2019.
The contract reflects the achievement of one of Beeks's listing goals, to expand its client base to include tier one organisations.
"The resilience and scalability of our network, combined with our specialist financial services expertise, means we are ideally positioned to assist all sizes of financial services organisations in the management of their cloud infrastructure. We secured this customer following an intense procurement process," said Chief Executive Gordon McArthur.
"This is an exciting new avenue of growth for us in addition to our core services for automated trading. It will complement these traditional automated trading services, and will leverage the investments we have already made in the business," McArthur added.
Shares in Beeks Financial Group were up 6.5% at 107.56 pence on Thursday.
Beeks Fin.cloud (BKS)