Beeks Financial Cloud Group plc, the Glasgow-based cloud computing and connectivity provider for financial markets, has announced the signing of a number of private cloud contracts with a total contract value of over $4 million.

Beeks shares rose about 6%.

Beeks said the new contracts include a significant win, via a partner, with one of the UK’s largest banks.

“The wins come on the back of good contract momentum, with Beeks having announced its second Exchange Cloud customer, the Johannesburg Stock Exchange, in June 2023, providing increasing levels of revenue visibility for FY24 and beyond,” said Beeks.

“The company has a strong and growing pipeline across its different offerings.

“The two Exchange Cloud contracts signed to date have the ability for considerable expansion, and the company has a pipeline of additional such opportunities which, while they may take time to progress to signing, have the potential to be transformational for the company.”

Beeks CEO Gordon McArthur said: “The global financial services industry continues to move to cloud computing, presenting us with a considerable opportunity.

“With a growing number of the world’s largest financial institutions as customers, recognition of the value of our cloud offerings is increasing and we remain focused on the conversion of our sales pipeline.”