Glasgow-based Beeks Financial Cloud Group, a connectivity provider for financial markets trading, announced it has received a Scottish Enterprise R&D grant to invest in a network automation project.
Beeks said the funding will allow for acceleration of the project, which will facilitate growth and expansion at the company’s Glasgow headquarters and enable Beeks to broaden its product offering.
The grant is payable in instalments over the next three years and is expected to contribute up to £2 million based on an overall project spend of up to £4.2 million.
Beeks is a provider for international automated trading in forex, futures, equities, fixed income and cryptocurrency financial products.
Beeks Financial Cloud CEO Gordon McArthur said: “We are extremely grateful for Scottish Enterprise in their support for our strategic Network Automation initiative.
“The project will further strengthen our position as a leading provider of cloud computing services to financial markets, increasing the differentiation of our offering and helping to accelerate our future growth.
“We are proud to service our international customer base from our Glasgow headquarters and are delighted to be able to continue to expand our team in Scotland.”
Linda Hanna, managing director, Scottish Economic Development at Scottish Enterprise, said: “We’re delighted to support Beeks’ ambitious expansion plans.
“The company has recognised the opportunities presented by the technological revolution, building an innovative, Scotland-based business whose ingenuity is recognised internationally.
“Beeks’ Network Automation project will help the company sharpen its competitive edge and accelerate its global growth strategy, strengthening the Glasgow area’s burgeoning reputation as a major fintech subcluster.”
Ivan McKee, Minister for Trade, Investment and Innovation said: “I’m sure that Beeks increasing investment in Glasgow will give further confidence to all of Scotland’s burgeoning financial technology sector.
“This is another step towards the Scottish Government’s ambitious target to grow Business Expenditure Research and Development (BERD) to £1.75 billion by 2025.
“To assist this aim we have boosted existing R&D grant funding by £45 million between 2018 and 2021- an increase of almost 70%.”