Glasgow fintech wins $2.2m contract for financial cloud platform

Beeks Financial Cloud Group has secured a new $2.2m contract with one of the world’s largest foreign exchange brokers.

The four-year deal is the latest won by the firm since launching its Proximity Cloud offering in August last year.

Proximity Cloud is considered by Beeks to be the industry's first private cloud environment for financial markets.

The Glasgow-based company now has the ability to offer fully-hosted, or private cloud solutions, from the company's network of global data centres, or on client sites.

The board is expecting revenue for the year ending June 2022 to now be ahead of current market expectations.

The additional revenue will be reinvested in the further development of the Proximity Cloud offering, to capitalise on its growing sales pipeline and "significant market opportunity".

Gordon McArthur, chief executive at Beeks, commented: "The rate and size of new contract wins demonstrate the potential for Proximity Cloud, addressing a significant part of the financial services market for whom the public cloud is not sufficiently secure.

"The successes with our tier one clients mean we are now recognised as an established technology provider to financial markets, with a track record and compelling reference clients, providing us with a strong foundation to drive our business forward.

"The prospects for Beeks have never been more promising and with a growing pipeline we are excited by the opportunity ahead."