Beeks Financial Cloud Group PLC Expansion of Tier 1 customer deployments (4086R)
March 08 2021 - 1:01AM
UK Regulatory
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
+44 (0)20 7523
Canaccord Genuity 8000
Adam James / Angelos Vlatakis
Alma PR +44(0)20 3405 0212
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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