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Beeks signs three-year contract with Tier 1 financial firm

Thu 06 December 2018 08:18 | A A A

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(Sharecast News) - Financial cloud computing and connectivity provider Beeks Financial Cloud Group announced the signing of a three-year contract with a new, unnamed Tier 1 financial services organisation from within the insurance sector on Thursday.

The AIM-traded firm said that under the terms of the contract, Beeks would manage the customer's hybrid cloud activities across both the Beeks private cloud and the public cloud.

It said the engagement involved providing infrastructure-as-a-service for the customer's connectivity to major cloud service providers, and was a "broadening" of Beeks' service offering.

The board said that, while Beeks had traditionally provided cloud computing and connectivity for mid-tier financial institutions - predominantly in the automated trading market - one of its goals following its IPO was to expand its client base to include larger Tier 1 organisations.

Contracts such as the new one demonstrated the growing capabilities of the business and its expanding addressable market opportunity, the directors claimed.

Beeks said the first phase of the contract was worth around £0.5m over three years, with implementation set to finish in the first quarter of 2019.

The natural progression that the company had seen, combined with the additional capital resulting from the IPO, left Beeks "well-placed" to continue such types of client acquisitions moving forward, the board added.

"The resilience and scalability of our network, combined with our specialist financial services expertise, means we are ideally positioned to assist all sizes of financial services organisations in the management of their cloud infrastructure," said Beeks chief executive officer Gordon McArthur.

"We secured this customer following an intense procurement process."

McArthur said it was an "exciting new avenue" of growth for Beeks, in addition to its core services for automated trading.

"It will complement these traditional automated trading services, and will leverage the investments we have already made in the business."

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