Beeks signs £2.5M contract extension with Tier 1 customer

Beeks Financial Cloud Group Plc (LON:BKS), a cloud computing and connectivity provider for financial markets, announces  the signing of a £2.5 million contract extension over three years with an existing Tier 1 customer. The contract is for the provision of private cloud services into an additional geography.

This follows the announcement last week of a $2.2 million contract for the Group’s Proximity Cloud, bringing the Total Contract Value of deals signed in the current quarter to over $6 million. This marks a record for the Group and is evidence of the momentum behind Beek’s specialist cloud offerings for financial markets.

Gordon McArthur, CEO of Beeks Financial Cloud commented:

“We continue to secure notable contracts with some of the world’s largest players in the financial services industry, demonstrating our growing reputation and the quality of our offerings. This latest contract contributes towards underpinning our FY23 expectations. With growing levels of committed future revenues and a record pipeline, we are confident in continued growth.”

According to the latest trading update, the Board of Beeks anticipates revenues for the year ended 30 June 2022 to 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.

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