Beeks Financial Cloud Group PLC Beeks signs new Tier 1 Financial Services Client (6014J)

TIDMBKS

RNS Number : 6014J

Beeks Financial Cloud Group PLC

06 December 2018

Beeks Financial Cloud Group plc

("Beeks" or "the Company")

Beeks Financial Cloud signs new Tier 1 Financial Services Client

Glasgow, December 06, 2018 -- Beeks Financial Cloud Group plc (AIM: BKS), a cloud computing and connectivity provider for financial markets, is pleased to announce the signing of a three-year contract with a new Tier 1 financial services organisation from within the insurance sector ("the Customer"). Under the terms of the contract, Beeks will manage the Customer's hybrid cloud activities across both the Beeks private cloud and the public cloud. This engagement involves providing Infrastructure-as-a-Service for the Customer's connectivity to the major cloud service providers and is a broadening of Beeks' service offering.

While Beeks has traditionally provided cloud computing and connectivity for mid-tier financial institutions, predominantly in the automated trading market, one of Beeks' goals following its IPO was to expand its client base to include larger Tier 1 organisations. Contracts such as this demonstrate the growing capabilities of the business and its expanding addressable market opportunity. Phase 1 of the contract is worth circa GBP500,000 over three years and implementation should finish in Q1 of 2019. The natural progression that the Company has seen combined with the additional capital resulting from the IPO leaves Beeks well placed to continue these types of client acquisitions moving forward.

Gordon McArthur, CEO of Beeks Financial Cloud, commented, "The resilience and scalability of our network, combined with our specialist financial services expertise, means we are ideally positioned to assist all sizes of financial services organisations in the management of their cloud infrastructure. We secured this customer following an intense procurement process. This is an exciting new avenue of growth for us in addition to our core services for automated trading. It will complement these traditional automated trading services, and will leverage the investments we have already made in the business."

For further information please contact:

 
 Beeks Financial Cloud Group plc 
 Gordon McArthur, CEO                             via Alma PR 
 Fraser McDonald, CFO 
 
 Cenkos Securities plc                     [phone] 
 Derrick Lee / Beth McKiernan 
 
 Alma PR                                   [phone] 
 Caroline Forde / Josh Royston / Helena 
  Bogle 
 

ABOUT BEEKS FINANCIAL CLOUD

Beeks Financial Cloud is a UK-based low-latency Infrastructure-as-a-Service (IaaS) provider for automated trading in Forex, Futures, Equities, Fixed income and cryptocurrency financial products. With eleven data centres globally and low-latency connectivity between sites, the Beeks Financial Cloud focuses on reducing barriers to entry and time to market for institutional clients. For more information, visit: www.beeksfinancialcloud.com.

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December 06, 2018 02:00 ET (07:00 GMT)