Beeks Financial Cloud Group PLC Expansion of Tier 1 customer deployments (4086R)

TIDMBKS

RNS Number : 4086R

Beeks Financial Cloud Group PLC

08 March 2021

Beeks Financial Cloud Group plc

("Beeks" or the "Company")

Continued expansion of Tier 1 customer deployments

Including a global private cloud contract expansion to over $2m in annualised revenue

8 March 2021 - Beeks Financial Cloud, a leader in cloud computing, connectivity and analytics for financial services, is pleased to announce continued strong progress against its land and expand strategy, as also described in the Company's interim results released today.

Following successful initial deployments, two of its Tier 1 customers have now committed to the expansion of their use of the Beeks private cloud infrastructure, with a number of Tier 1 client proof of concept deployments also secured.

Beeks has now competed the successful full deployment of the first stage of an annualised $1m global private Cloud solution for a global financial markets technology provider. While having experienced some delays due to Covid-related restrictions, the contract reached 90% of its anticipated revenue run-rate by February 2021. Following this successful first stage, the customer has committed to extending the private cloud solution to further geographies, with the contract expected to reach $2.1m of annualised revenue, with a significant proportion of this expected to be delivered by the end of this financial year. Significant further expansion of the contract is expected over the next 12 to 24 months, with additional complimentary opportunities, both directly and indirectly, also being identified.

One of the Company's other Tier 1 customers, an open banking provider, has also expanded its contract, initially worth GBP1.1 million over three years, to 135% of the original commitment, again with further expansion opportunities ahead.

The Group now has nine Tier 1 customers at various stages of contractual relationships, providing a growing recurring revenue base for future years and expansion opportunities. The successes demonstrate Beeks' ability to meet the growing demand for secure private cloud infrastructure for financial services organisations.

Gordon McArthur, CEO of Beeks Financial Cloud, commented, "We are seeing increasing interest across the financial services sector for our private cloud offering, as financial institutions seek to take advantage of the benefits of the cloud from within their own, secure low latency infrastructure. With nine Tier 1 customers now at various stages of deployment, we are seeing clear proof of our land and expand capabilities.

"We are delighted by the success of these deployments for two of our first Tier 1 customers, which, while partly delayed due to Covid-19, are now being extended yet further. The growth of these deployments underlines the scalability of our network and provides increased visibility of revenues for future years, whilst demonstrating our ability to deliver some of the most challenging and secure financial private cloud solutions."

For further information please contact:

 
 Beeks Financial Cloud Group plc 
 Gordon McArthur, CEO               via Alma PR 
 Fraser McDonald, CFO 
                                    [phone] 
 Canaccord Genuity                   8000 
 Adam James / Angelos Vlatakis 
 Alma PR                            [phone] 
 Caroline Forde / Helena Bogle / 
  Josh Royston 
 

ABOUT BEEKS FINANCIAL CLOUD

Beeks Financial Cloud is a leading cloud computing, connectivity and analytics provider for financial services. Our cloud-based Infrastructure-as-a-Service (IaaS) model allows financial organisations the flexibility and agility to deploy and connect to a variety of exchanges, trading venues and cloud service providers at a fraction of the cost of building their own networks and infrastructure. Based in the UK with an international network of 19 datacentres, Beeks supports its global customers at scale in the leading financial centres.

For more information, visit: www.beeksfinancialcloud.com

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March 08, 2021 02:01 ET (07:01 GMT)