Beeks Financial Cloud Group plc, the Glasgow-based cloud computing and connectivity provider for financial markets, announced that the Johannesburg Stock Exchange (JSE) has signed a “significant” contract extension for the provision of Beeks’ Exchange Cloud.

Beeks shares rose about 4%. The company’s stock is up about 74% in 2024, lifting its stock market value to about £118 million.

“Following the successful launch of the JSE Colo 2.0 in September 2023, the exchange has signed a significant contract extension to meet stronger than anticipated customer demand for the solution and a significant pipeline,” said Beeks.

“As a result, revenue expectations from the initial term of the contract have materially increased, further supporting the recently upwards revised Board expectations for FY25.

“JSE is also exploring a second site from Beeks, for back up and disaster recovery capability and potential use of Proximity Cloud, highlighting the land and expand capability within Tier 1 clients.

“Colo 2.0 is an advanced managed infrastructure as a service based on the Beeks Exchange Cloud offering, in partnership with IPC.

“Colo 2.0 provides JSE customers with leading edge innovative hosting and connectivity solutions, accessing on-demand private cloud computing and low latency analytics.”

Beeks CEO Gordon McArthur said: “We are delighted with the response from JSE customers to the Colo 2.0 offering and look forward to expanding our engagement with JSE to meet their customers’ demand for on-demand cloud computing.

“The pipeline with other global exchanges continues to progress and grow and we remain confident in continued momentum.”