BEEKS, a Scottish fintech firm, has hailed the signing of a significant contract for its recently launched Proximity Cloud offering.
The five-year contract, worth an initial $2 million, is for a North American bank, secured via a partner.
Proximity Cloud is a private cloud environment for financial markets, which Linwood-based Beeks said operates in low latency trading conditions and built with security and compliance.
The value of the contract prompted Beeks to state that revenue for the full year is expected to be slightly ahead of the recently upwardly revised expectations, with profits ploughed back in.
Gordon McArthur, Beeks chief executive, said: “I am delighted to have signed another Proximity Cloud contract, underpinning the board’s strong belief in the value of the offering.
“We are attracting some of the world’s leading financial services organisations and I am confident the investment we are making in additional features to Proximity Cloud, will see our pipeline continue to increase.”
Shares in Aim-listed Beeks closed up 5p, or three per cent, at 164p.