Beeks Financial Cloud Group PLC has confirmed that the first customer for its newly launched Exchange Cloud offering is ICE Global Network (IGN), part of ICE Data Services, a division of Intercontinental Exchange, the world's largest exchange group and owner of the New York Stock Exchange.
Beeks also issued a trading update that said it has delivered a record trading performance in the year, delivering growth on the prior year and in line with upwardly revised market expectations.
The group noted that it exited the year with Annualised Committed Monthly Recurring Revenue of over £19.3mln, growth of 40% on the prior year, providing a strong basis for further growth in full-year 2023.
The company said it expects to release its audited final results for the 12 months ended June 30, 2022, in early October.
Following the announcement on June 13, 2022, of the launch and first customer for Exchange Cloud, Beeks said it can now confirm the customer is IGN which has signed a multi-year deal with a period of exclusivity, with the collaboration enabling the customer to provide their client base with compute and analytics, on demand.
Exchange Cloud is a multi-home, fully configured and pre-installed physical trading environment that has been fully optimised for global exchanges to offer cloud solutions to their end users. The company said the successful collaboration between IGN and Beeks Group's Exchange Cloud provides a pre-integrated market-leading solution with security at the forefront.
IGN can now deliver additional value to their clients with Beeks Group's Exchange Cloud infrastructure, compute and analytics offering private cloud services at their NY4 data centre in Secaucus, New Jersey with plans to further expand the service in IGN data centres around the world.
In a statement, Margaret Niche, head of ICE Global Network, commented: "ICE Global Network offers global market participants a high-quality, focused service with access to more than 150 liquidity centres. Our work with Beeks now gives these participants the ability to combine IGN's capabilities with Beeks Group's virtual compute services and analytics. It provides market participants with a comprehensive solution that offers the flexibility they need to be agile in an ever-changing trading environment."
Gordon McArthur, CEO at Beeks, added: "Regulatory compliance concerns continue to be the most significant cloud challenge for the financial services sector. We're delighted to have been working with ICE over the past year to deliver an in-colocation, private cloud deployment for their Capital Markets clients that not only meets those exacting standards, but eliminated some of the risks, making it a lot easier for market participants to add value to their business. Beeks technology is a valuable fit for IGN and we look forward to a successful relationship and delivering value via our on-demand compute service."
"The success of Proximity Cloud and Exchange Cloud have contributed to a fantastic trading performance in FY22 and we enter the new year with a record sales pipeline and confidence in our ability to continue to capitalise on the significant opportunity ahead," McArthur concluded.
In morning trade on Monday, Beeks' shares were 7.7% higher at 154.00p.