Beeks Financial Cloud cheers 'fantastic' full-year trading performance

Beeks Financial Cloud Group has cheered a record full-year trading performance, and confirmed that a division of the world’s largest exchange group is the first customer for its newly launched Exchange Cloud offering.

The Glasgow-based cloud computing and connectivity provider for financial markets said in a trading update that it has delivered a record trading performance in the 12 months ended June 30, delivering growth on the prior year and in line with upwardly revised market expectations. The fintech group expects to release its audited final results for the period in early October.

It said it has exited the year with annualised committed monthly recurring revenue of more than £19.3 million, marking a year-on-year increase of 40 per cent, and “providing a strong basis for further growth” in the following 12-month period.

Beeks also said that following the announcement in June of the launch and first customer for its Exchange Cloud offering, it can now confirm the customer is ICE Global Network (IGN), part of ICE Data Services, a division of Intercontinental Exchange, the world’s largest exchange group and owner of the New York Stock Exchange.

IGN has signed a multi-year deal including a period of exclusivity, with Beeks Group’s Exchange Cloud infrastructure, compute and analytics offering private cloud services at the NY4 data centre in Secaucus, New Jersey, and plans to expand the service in IGN data centres globally.

Exchange Cloud is a multi-home, fully configured and pre-installed physical trading environment fully optimised for global exchanges to offer cloud solutions to their end users.

Margaret Niche, head of IGN, said: “Our work with Beeks now gives [global market] participants the ability to combine IGN’s capabilities with Beeks Group’s virtual compute services and analytics.”

Gordon McArthur, CEO of the London-listed firm, says it enters the new year with a 'record' sales pipeline. Picture: Layton Thompson.

Beeks chief executive Gordon McArthur said: “We’re delighted to have been working with ICE over the past year to deliver an in-colocation, private cloud deployment for their capital markets clients... Beeks’ technology is a valuable fit for IGN and we look forward to a successful relationship and delivering value via our on-demand compute service.

“The success of Proximity Cloud and Exchange Cloud have contributed to a fantastic trading performance in FY22 and we enter the new year with a record sales pipeline and confidence in our ability to continue to capitalise on the significant opportunity ahead.”