- $57 billion ICE cornerstone Exchange Cloud client
- Beeks upped guidance three times this year
- Analysts predicting 62%/43% revenue/profits growth
When a tech platform company launches new products it is enormously helpful to have a major cornerstone user on board from the get go. Big tick in the box here for Beeks Financial Cloud (BKS:AIM).
Beeks, which listed shares on the London stock market five years ago at 50p per share, provides low latency access to trading assets - futures, forex etc from major financial centres around the world, including London, Frankfurt, New York, Tokyo and Hong Kong.
AWS FOR FINANCIAL CLIENTS
The service includes hosting, colocation, connectivity, data feeds and network security through a public cloud network. It has now launched a private cloud offering called Exchange Cloud, a pre-built plug and play solution that can be installed on a customer site or in a Beeks data centre.
Today Beeks revealed that Exchange Cloud has launched with its first exchange client, ICE Global Network, the US-listed, $57 billion market cap global operator of equity, commodity, housing & derivatives trading and clearing networks, with the NYSE as a client.
This is part of Beeks’ masterplan to expand beyond its core institutional investor customer base and into Exchanges themselves.
Beeks share price rallied more than 8% on the news to 157p, valuing the company at about £110 million.
‘MASSIVE CREDIBILITY’
‘Such a blue-chip customer lends massive credibility to the Exchange Cloud offering where the opportunity could potentially be transformative for the business with no comparable offering currently in the market,’ said Canaccord Genuity analysts.
This news came alongside a largely figure-free trading update that highlights ‘growth on the prior year’ in line with upwardly revised market expectations - guidance has been raised three times this year. Forecasts now call for 62% revenue growth to £18.9 million and a 43% jump in EBITDA (earnings before interest, tax, depreciation and amortisation) to £5.9 million, implying a 31.3% margin.
