Beeks Financial Cloud Group PLC Scottish Enterprise Grant

TIDMBKS

Beeks Financial Cloud Group PLC

07 January 2020

RNS Reach

Beeks Financial Cloud Group plc

("Beeks" or the "Company")

Cloud computing firm expands competitive positioning through GBP2m grant from Scottish Enterprise

7 January 2020 - Beeks Financial Cloud Group Plc (AIM: BKS), the Glasgow-based leading cloud computing and connectivity provider for financial markets, is pleased to announce it has received a Scottish Enterprise R&D grant to invest in its Network Automation project. The funding will allow for acceleration of the project, which will facilitate growth and expansion at the Company's Glasgow headquarters and enable Beeks to broaden its product offering, in particular to the Tier 1 financial services market. The grant is payable in instalments over the next three years and is expected to contribute up to approximately GBP2.0 million based on an overall project spend of up to GBP4.2 million.

Customer self-service and automation is at the heart of Beeks' strategic objectives and is a key differentiator for Beeks in the financial services cloud computing sector. This cross-system project aims to fully automate Beeks' network infrastructure deployment, enhancing Beeks' ability to capitalise on the growing adoption of cloud computing infrastructure by Tier 1 financial institutions.

Gordon McArthur, CEO of Beeks Financial Cloud commented:

"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."

Linda Hanna, Managing Director, Scottish Economic Development at Scottish Enterprise, said:

"We're delighted to support Beeks' ambitious expansion plans. 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 subcluster."

For further information, please contact:

 
 Beeks Financial Cloud Group plc 
 Gordon McArthur, CEO               via Alma PR 
 Fraser McDonald, CFO 
 
 
 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 12 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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January 07, 2020 02:00 ET (07:00 GMT)