Beeks hits peaks as RBS owner awaits dirty cash blunder fine

Publication Date28 October 2021
Publication titleBusiness Insider
Beeks Financial Cloud, founded in 2011 and with a market cap of £104m, is a cloud computing, connectivity and analytics provider for f inancial services. Its chief executive officer, Gordon McArthur, who has an MBA in risk management from Glasgow Caledonian University and is a former IBM and Versko IT manager, saw that the latency issues of trading platforms were increasingly an expensive problem.

The Beeks Group started providing low latency VPS (Virtual Private Server) services to the retail trading market, operating out of the Equinix NY4 data centre in New Jersey. Within six months, it had added a site in London to serve the London Forex markets.

In its September update on trading, following recent contract wins, including the first for its new Proximity Cloud offering, Leeks said it had delivered against its strategic objectives, achieving record sales in excess of $5m of total contract value through July, August and September. Consequently, the group's annualised revenue has increased to £15m (30 June 2021: £13.8m) and the group has an additional £1.3m of revenue from non-recurring product related bookings.

The contract wins were a $1.1m multi-year analytics deal with a major bank for Asian deployment, and the company's largest contract, totalling $2.7m for a private cloud deployment with a European bank via a partner, with further roll out in 2022, and a $1m multi-year deal for its newly launched Proximity Cloud offering, just four weeks after launch, with a pipeline continuing to build.

McArthur said: "To achieve a record quarter in what is typically our quietest period is testament to the strength and value of our enlarged offering. With Proximity Cloud showing considerable early promise, validating the prospects we envisioned, I have every confidence that our new product will spur continued growth."

" Edinburgh-based IDE Group Holdings plc, the mid-market network, cloud and IT managed services provider, has also been signing signficant new contracts with an existing customer. It is also Insider's major riser with a 64 per cent change. IDE's partner has committed to procure services from IDE to a value of £22.5m over the next three years, with the opportunity to extend for up to another two years.

Chairman Andy Parker said: ""his contract win further enhances our existing relationship with a long-standing partner and is testament to the excellent service provided by IDE."

" By contrast, Iomart Group's recently appointed chief operating fficer...

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