Beeks Financial Cloud Group plc, the Glasgow-based connectivity provider for financial markets, announced the signing of “two multi-year private cloud contracts with global asset management firms.”

The news came as Beeks reported its revenue increased 57% to £18.29 million in the year to June 30, 2022, and underlying profit before tax increased 28% to £2.06 million.

Beeks said the new contracts, worth $2 million in aggregate over three years, were secured via a partner for deployments across US, APAC and EMEA.

“The contracts demonstrate the applicability of the Beeks Private Cloud offering across financial services, as the sector increasingly looks to cloud computing to increase performance and facilitate the rapid roll out of new services,” said the Glasgow company.

“The contracts help to further underpin the group’s FY23 expectations.”

Beeks Financial Cloud CEO Gordon McArthur said: “Beeks is now recognised as an established technology provider to financial markets, with a track record and compelling reference clients, providing us with a strong foundation to drive our business forward.

“The majority of financial services organisations around the world are exploring how to utilise the power of the cloud to support their ambitions.

“This presents us with a considerable opportunity and through our Private Cloud, Proximity Cloud and Exchange Cloud, we have the offering to address it.

“We will continue to invest into the development of our offering and increased sales and marketing activities to capitalise on our early successes in this significant market.  

“We have a considerable and growing pipeline and look to the future with confidence.”