Beeks, Glasgow markets firm, now live on Nasdaq

Beeks Financial Cloud Group plc, the Glasgow-based connectivity provider for international financial markets, confirmed on Wednesday that the “major Exchange Cloud Customer” previously announced by the firm is the Nasdaq Stock Market.

Shares of Beeks rose about 5%. The company’s stock has risen about 180% over the past year, lifting its stock market value to about £185 million.

“The service is now live, with customers expected to be on-boarded at the end of February,” said Beeks.

“Beeks enables the world’s major exchanges to become the cloud for their end users. The agreement enables Nasdaq to offer access to cloud infrastructure and analytics to its thousands of members.

“Utilising Beeks’ existing inventory, Exchange Cloud will initially be deployed in Nasdaq’s core data centre in Carteret NY11, New Jersey, with the potential for further expansion.

“Consequently, this material multi-year contract has scope to grow, further supporting the group’s growth aspirations, as well as underpinning the board’s FY25 expectations.”

Beeks CEO Gordon McArthur said: “We are delighted to name Nasdaq, one of the world’s leading exchanges, as an Exchange Cloud customer, endorsing the power, scale and capability of the product.

“Exchange Cloud represents a significant opportunity for Beeks, as the end-user compute market within exchange data centres is considerable.

“We remain focused on the conversion of our substantial pipeline of opportunities, with advanced discussions taking place with other major Exchanges across the globe.”