Beeks launches Exchange Cloud amid early contract win

Mon, 13th Jun 2022 12:14

(Alliance News) - Beeks Financial Cloud Group PLC on Monday said it has launched Exchange Cloud, following its "significantly" oversubscribed fundraise in April.

Back in April, the Glasgow-based cloud computing and connectivity provider said it had raised GBP15 million through the issue of 9.1 million shares via a placing and PrimaryBid offer at a price of 165 pence per share.

Shares in Beeks were down 2.5% to 157.00 pence each in London on Monday midday.

On Monday, Beeks said that thanks to the "significantly" oversubscribed fundraise it has launched Exchange Cloud, an evolution of its Proximity Cloud.

"Exchange Cloud is a multi-home, fully configured and pre-installed physical trading environment that has been fully optimised for global Exchanges to offer cloud solutions to their end users," the company explained.

Further, Beeks said that an unnamed major equities exchange is under contract to deploy Exchange Cloud later this year. Financial details of this deal were undisclosed.

Chief Executive Gordon McArthur said: "We are delighted by the early win of this top exchange, which will contribute towards underpinning our financial year 2023 expectations, but more significantly we believe the opportunity for Exchange Cloud to be potentially transformative for our business."

By Sophie Rose; sophierose@alliancenews.com

Beeks Financial Cloud