Shares of Beeks Financial Cloud Group plc, the Glasgow-based cloud computing and connectivity provider for financial markets, rose about 13% on Thursday after it announced the signing of a multi-year private cloud contract.

Beeks said the contract, worth £4.4 million over five years, is for “a new European Tier 1 client, and was secured via a partner.”

Beeks’ shares are up about 30% for the past 12 months, giving the firm a stock market value of almost £90 million.

Beeks said: “The latest contract is testament to the strong sales momentum across the group, now successfully targeting the world’s largest financial services organisations and exchanges.

“Both the private cloud and proximity cloud offerings have significantly contributed to Beeks’ record third quarter of trading, with c. $15 million in total contracted value during the period, representing a three-fold uplift on our previous record quarter of Q1 FY22.”

Beeks Financial Cloud CEO Gordon McArthur said: “Successfully securing a further contract of such significance reinforces our belief that the prospects for Beeks have never been stronger, as financial services organisations accelerate their cloud strategies.

“Alongside other recent wins we have announced, this latest contract contributes towards underpinning our FY23 expectations.

“A substantial pipeline continues to build across our private cloud and proximity cloud offerings, and we are confident in our ability to further increase our market share.”