Beeks Financial Cloud Group plc, the Glasgow-based cloud computing and connectivity provider for financial markets, confirmed on Wednesday that its conditional contract with “one of the largest exchange groups globally” announced on February 6, 2024, “has now received regulatory approval.”

Beeks shares rose as much as 8% in morning trading. The company’s stock has risen more than 120% this year to around £2.35 to give it a current stock market value of more than £150 million.

Beeks said: “Following receipt of regulatory clearance, the deployment of services and recognition of revenue has commenced.

“A further announcement will be made by both the company and the exchange when the full platform is available for customer deployments in due course.

“The deal helps further underpin the board’s expectations for FY25 and marks the initial phase of an intended multi-year partnership between Beeks and the exchange.

“This deal marks the third international exchange to sign up to Exchange Cloud, Beeks’ multi-home, fully configured and pre-installed physical trading environment fully optimised for global exchanges to offer cloud solutions to their end users.

“With a proven ability to secure contracts with the world’s largest exchanges, Beeks remains highly confident in fulfilling the product’s transformational potential.

“The Exchange Cloud pipeline continues to build, with advanced discussions taking place with other major exchanges across the globe.”

Beeks CEO Gordon McArthur said: “We are delighted to receive regulatory approval and commence our project with one of the most renowned exchanges globally.

“We have already proven the speed with which we are able to launch these significant deployments, and we look forward to nurturing a sustained and successful collaboration with the customer.

“We remain well-placed to satisfy the strong demand for our solutions.”