Cloud specialist Beeks reports strong momentum as client numbers grow

The average entry level new institutional customer contract has increased to £3,680 per month, up from £1,825 compared to the same period last year.Chief executive and founder Gordon McArthur said the company’s growth was being driven by a growing demand for cloud services at financial institutions and the breadth of Beeks’ offering and capability.Momentum has continued into the second half of the year. The business has grown considerably over the last six months, in terms of offering and customer base but also in addressable market, due to the successes we have had in new areas of the financial services market.  These factors combined with the continued growth in our committed recurring revenues and size of our new business pipeline, provide us with confidence in our continued success, he said.In January Beeks, which provides niche cloud computing services for automated trading in futures and forex markets, received a £2 million research and development grant from Scottish Enterprise to accelerate a £4.2 million network automation project.