Beeks has announced its first customer for the recently-launched Exchange Cloud offering.
The Glasgow-based financial cloud connectivity provider has partnered with ICE Global Network (IGN), a division of Intercontinental Exchange, the owner of the New York Stock Exchange.
A multi-year deal with a period of exclusivity has been signed, with the collaboration enabling the customer to provide its client base with analytics on demand.
Launched in the middle of June, Exchange Cloud is a physical trading environment that offers cloud solutions to end users.
Following a significantly oversubscribed fundraise in April, the group accelerated development of Exchange Cloud, with a major equities exchange already under contract to deploy later this year.
IGN can now offer private cloud services at its NY4 data centre in New Jersey, with plans to further expand the service in data centres around the world.
Margaret Niche, head of ICE Global Network, commented: "Our work with Beeks now gives 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, chief executive at Beeks, said: "Regulatory compliance concerns continue to be the most significant cloud challenge for the financial services sector, so 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."
The group's trading update for the year ended 30 June also revealed recurring revenue of £19.3m, up 40% on the prior year, in line with upwardly revised market expectations.
McArthur added: "The success of Proximity Cloud and Exchange Cloud have contributed to a fantastic trading performance 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."
Beeks expects to release its audited final results in early October.
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