IN BRIEF: Beeks Financial wins PS2 million Proximity Cloud contract

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Beeks Financial Cloud Group PLC - Glasgow, Scotland-based cloud computing and connectivity provider - Signs ‘significant’ five-year contract with an unnamed ‘large foreign exchange broker’ to provide its Proximity Cloud private trading environment product. Says the deal is worth £2.1 million in total, and expects revenue recognition to start in the current financial year. The client has been a user of Beeks’ Private Cloud platform since September and is now moving to the ‘client-owned’ Proximity Cloud service ‘across multiple locations’ as it expands its use of Beeks infrastructure, the company adds.

‘This latest win highlights both the strength of our offering and the significant expansion potential across our growing customer base of major financial institutions,’ Chief Executive Officer Gordon McArthur comments. ‘We continue to see strong momentum across the business and remain focused on converting our considerable and growing pipeline.’

Current stock price: 163.88 pence, up 4.4% on Tuesday in London

12-month change: down 12%

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