Beeks Financial Cloud Secures Proximity Cloud Contract with Major FX Brokerage
Why we think this is good
This contract win with a leading global FX and multi-asset brokerage firm is a positive development for Beeks Financial Cloud. The contract is worth a significant $2 million over 4 years, providing multi-year revenue visibility. While the announcement lacks some details on margins and execution risk, the contract appears to be a strategic win that should have a positive impact on the company's earnings in the short term.
Key Points
- Multi-year Proximity Cloud contract worth c.$2 million
- Contract with a leading global FX and multi-asset brokerage firm
- Revenue recognition to commence in H2 FY25
- Reflects strong H2 FY25 sales momentum and growing demand for Beeks' solutions
Summary
Beeks Financial Cloud Group plc (BKS) has announced the signing of a multi-year Proximity Cloud contract worth c.$2 million over four years with a leading global foreign exchange ('FX') and multi-asset brokerage firm. The contract is for the deployment of Beeks' high-performance, dedicated and client-owned trading environment across the client's core FX platform, with revenue recognition set to commence in H2 FY25. This latest win, along with the previously announced Exchange Cloud win with Kraken, reflects the company's strong H2 FY25 sales momentum and growing demand for its solutions as financial services organisations accelerate their cloud strategies.