A CLOUD computing firm co-founded by an IBM veteran is seeking to more than double its revenues within three years after buying a US rival.
Renfrewshire-based Beeks FX, which specialises in virtual private server (VPS) technology to speed up deals for foreign exchange traders, has paid an undisclosed seven-figure sum for New York peer Gallant VPS.
Chief executive Gordon McArthur, who set up Beeks FX with technical director Tony Doleman in 2009, said: “With the acquisition of Gallant VPS, we now count nine of the top ten foreign exchange brokers worldwide among our clients.
“This puts us in a strong position not only to grow the business organically but also to pursue further acquisitions, particularly in the US and Japan.”
Beeks FX generates turnover of £2 million and McArthur, who spent 19 years within IBM’s software business, said the Kilmacolm-based firm is aiming to grow that figure to £5m within three years. Trades worth about $300 billion (£177.7bn) a year are carried out over its platform.
The company’s servers are located in the key trading hubs of London and New York, which helps to cut the time between a client placing a trade and the deal being executed. It counts foreign exchange brokers such as FXCM, IC Markets and Saxo Bank among its partners, and has individual clients in around 100 countries, including Argentina, China, Japan, New Zealand and South Africa.
McArthur added: “We help individuals – whether it’s someone sitting in their back bedroom in Kuala Lumpur or a money manager in London – make trades quickly, levelling the playing field with institutional investors.
“When Tony and I set up the business, I don’t think even in our wildest dreams we thought it would be this successful. We spotted a gap in the market and went for it. Today’s news is an important stepping stone to future growth.”
Gallant VPS has data centres in Hong Kong, the UK and US. The firm was co-founded by serial entrepreneur Simon Grunfeld, chief executive of software developer Gallant Partners.