Glasgow fintech Beeks hails £1.5m cloud contract with North American bank

Glasgow-based Beeks ­Financial Cloud Group has signed a fresh multi-year contract worth an initial $2 million (£1.5m) with a North American bank.

The deal with the unnamed bank follows the recent launch of Beek’s Proximity Cloud, which is aimed at financial markets.

The latest agreement brings the total value of Proximity Cloud contracts to more than $5.2m since August’s launch.

It means that the firm now anticipates revenue for the full year to be slightly ahead of the recently upwardly revised expectations, with the additional profits to be further invested into the cloud offering.

Beeks ­Financial Cloud Group chief executive Gordon McArthur.

Chief executive Gordon McArthur said: “I am delighted to have signed another Proximity Cloud contract, underpinning the board’s strong belief in the value of the offering.

“We are attracting some of the world’s leading financial services organisations and I am confident the investment we are making in additional features to Proximity Cloud will see our pipeline continue to increase.”

At the start of this month, the group announced that its full-year results were expected to overshoot market expectations after inking a $2.2m contract with one of the world’s largest foreign exchange brokers.

The fintech firm said the four-year deal with a new customer further boosts the growing number of tier one financial services names on its books, and marks “another significant” contract for the Proximity Cloud offering.

Beeks added that its “addressable market” is “extensive, with up to 20,000 financial institutions around the world, a large percentage of which maintain their own IT infrastructure and are yet to move to the cloud computing model”.

A message from the Editor:

Thank you for reading this article. We’re more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers. If you haven’t already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription: www.scotsman.com/subscriptions