Glasgow fintech Beeks Financial Cloud pushes button on growth plans

Glasgow-based Beeks ­Financial Cloud Group has pushed the button on expansion plans after securing grant funding towards a multi-million-pound project.

The cloud computing company is a leading Scottish fintech business that focuses on financial markets. Image: Contributed

The cloud computing company, which focuses on financial markets, said it had received a Scottish Enterprise research and development grant to invest in its network automation project.

The funding injection will allow for acceleration of the project, which will facilitate growth and expansion at the group’s Glasgow headquarters and enable the firm to broaden its product offering.

The grant is payable in instalments over the next three years and is expected to contribute up to some £2 million based on an overall project spend of up to £4.2m, Beeks added.

Chief executive Gordon McArthur said: “We are extremely grateful for Scottish Enterprise in their support for our strategic network automation initiative.

“The project will further strengthen our position as a leading provider of cloud computing services to financial markets, increasing the differentiation of our offering and helping to accelerate our future growth. We are proud to service our international customer base from our Glasgow headquarters and are delighted to be able to continue to expand our team in Scotland.”

Opportunities

Linda Hanna, managing director, Scottish economic development at Scottish Enterprise, added: “The company has recognised the opportunities presented by the technological revolution, building an innovative, Scotland-based business whose ingenuity is recognised internationally.

“Beeks’ network automation project will help the company sharpen its competitive edge and accelerate its global growth strategy, strengthening the Glasgow area’s burgeoning reputation as a major fintech [financial technology] subcluster.”

Beeks also announced that Canaccord Genuity had been appointed as nominated advisor and sole broker with immediate effect.

Last month, the cloud computing company said it had sealed a $1m (£770,000) annualised contract with a global financial markets technology provider and a £1.1m contract over three years with a cloud-based payments solution provider. Both firms were unnamed.

In September, the firm flagged a “positive market environment” and an increased sales pipeline after posting higher full-year revenues. It said revenue had risen 32 per cent to £7.4m in the year to the end of June.

Beeks posted an underlying profit before tax of £1.32m and proposed a final dividend of 0.15p per share, equating to a full-year payment of 0.35p, up from 0.3p.