Shares of Glasgow-based Beeks Financial Cloud Group, a connectivity provider for financial market trading, rose about 20% on Friday after it said it secured two significant contracts.

Beeks Financial said it signed a $1 million annualised contract with a “global financial markets technology provider” and a £1.1 million contract over three years with a “cloud-based payments solution provider.”

Beeks Financial Cloud CEO Gordon McArthur said: “Our selection as preferred vendor for one of the largest technology providers for financial markets globally represents our largest initial customer deployment to date and provides Beeks with a significant growth opportunity.

“The scalability of our network means that we are ideally placed to provide substantial cloud infrastructure setup across our locations internationally.

“We are also delighted to have been selected to support the expansion of this innovator in the payments sector.

“Regulation is driving the use of new technology, with the demand for increased level of security and expanding data volumes requiring banks and payments institutions to assess more flexible and secure cloud-based infrastructures over traditional IT architectures.

“Our global network and proven expertise mean Beeks is well-positioned to benefit from the expected growth in open banking and payment applications and we look forward to expanding this customer segment in the future.”