Glasgow-based Beeks Financial Cloud Group plc, a cloud computing and connectivity provider for financial markets, announced that it has signed a “significant multi-year Exchange Cloud contract” with the Australian Securities Exchange (ASX), the 11th largest stock market globally.
“The deployment of Exchange Cloud supports ASX’s new Colocation on Demand service,” said the Glasgow firm.
“This fully managed ‘Infrastructure as a Service’ solution gives customers access to scalable and secure on-demand private cloud computing and secure high-performance trading infrastructure colocated within the Australian Liquidity Centre (ALC), a data centre that operates at the heart of Australia’s financial markets, reducing latency, cost and complexity.
“By removing the need for customers to own and operate their own infrastructure, ASX Colo OnDemand expands ASX’s connectivity services offering and significantly lowers the barriers of entry to the Australian financial markets for firms of all sizes.
“This partnership is a revenue share deal, with revenue recognition expected to commence during 2025, further contributing towards the Board’s FY26 expectations and adding to the Company’s increasing levels of contracted, multi-year, recurring revenue.
“Beeks’ transition to a revenue share model for Exchange Cloud contracts offers various commercial advantages, including shortened sales cycles, as demonstrated by the two most recent Exchange Cloud wins, as well as higher long-term profitability potential.
“The company looks to the future with confidence and is well positioned to deliver further growth.”
Beeks CEO Gordon McArthur said: “We are delighted to welcome ASX as an Exchange Cloud client and underpin their new innovative Colocation on Demand service.
“This collaboration demonstrates ASX’s commitment to helping their customers access the most liquid markets in Australia and beyond, through secure, scalable and flexible infrastructure.
“By adopting our Exchange Cloud solution, ASX can provide enhanced connectivity and analytics while giving market participants greater control over their trading environments.”