By Mark McSherry

Beeks Financial Cloud Group plc, the Glasgow-based connectivity provider for financial markets, announced the signing of another multi-year contract for its recently launched Proximity Cloud offering.

Beeks said the five year contract, worth an initial $2 million, is for a North American bank, secured via a partner.

Beeks said the latest deal brings the total value of Proximity Cloud contracts to over $5.2 million since launch in August 2021.

“Proximity Cloud is a private cloud environment for financial markets, a high-performance, dedicated and client-owned trading environment, fully optimised for low latency trading conditions and built with security and compliance at the forefront,” said Beeks.

“The value of this contract means that the board anticipates revenue for the full year to be slightly ahead of the recently upwardly revised expectations, with the additional profits to be further invested into the offering in order to support the strong pipeline of opportunities ahead.”

Beeks Financial Cloud CEO Gordon McArthur said: “I am delighted to have signed another Proximity Cloud contract, underpinning the board’s strong belief in the value of the offering.

“We are attracting some of the world’s leading financial services organisations and I am confident the investment we are making in additional features to Proximity Cloud, will see our pipeline continue to increase.”