Beeks Financial Cloud Group plc, the Glasgow-based cloud and connectivity provider for financial markets, announced the signing of a multi-year contract with a “Tier 1 investment manager” for its Proximity Cloud offering.

Beeks said the contract, worth more than $1.3 million in aggregate over a three year period, with an option to extend for a further two years, is for the deployment of the Beeks “high performance, dedicated and client-owned trading environment in both London and New York, with the potential for significant future expansion.”

Beeks said this contract, combined with the previously announced $4 million of Private Cloud contracts signed in July and the go live of Exchange Cloud at the JSE in September, have provided a strong start to the year and the company continues to make progress on the conversion of its pipeline.

Beeks CEO Gordon McArthur said: “We continue to attract high profile financial organisations and in turn increase our presence in the sector.

“Following a strong start to the year, our high levels of contracted, recurring revenue provide confidence moving forwards.

“We remain focused on converting the growing pipeline of opportunities across each of our product offerings and delivering growth acceleration in FY24 and beyond.”