$3.6m contract extension headlines pair of new deals for Renfrew’s Beeks Financial Cloud Group

AIM-listed cloud computing and connectivity provider Beeks Financial Cloud Group has announced two major new contract wins.

Renfrew-based Beeks has signed a contract extension with an unnamed ‘Tier 1 investment manager’ after initially winning work with the customer in November 2023 for Proximity Cloud, its fully configured and pre-installed physical trading environment.

The new contract has been awarded for additional locations and more than doubles the initial contract’s value to $3.6m in aggregate over a four-year period.

The firm added that there could be potential for “considerable further expansion,” with only 30% of the customer’s trading infrastructure currently migrating to Proximity Cloud.

Beeks has also signed a conditional contract with ‘one of the world’s largest exchange groups’ for its Exchange Cloud offering – the start of what said it hopes will be a multi-year partnership. This is the third major international exchange to sign up to the Exchange Cloud offering, Beeks added.

Having also won a number of competitive tenders in the first half ended 31 December, the company said that results for the financial year ending June 2025 should be “significantly ahead of previous board expectations.”