Business
Exchange Cloud Contract Extension
Exchange Cloud Contract Extension.
About this update from Beeks Financial Cloud Group Plc
[{"type":"text","content":"\n\nBeeks Financial Cloud Group plc\n(\"Beeks\" or the \"Company\")\nExchange Cloud Contract Extension\nSignificant extension of JSE Exchange Cloud contract\n14 March 2024 - Beeks Financial Cloud Group plc (AIM: BKS), a cloud computing and connectivity provider for financial markets, is pleased to announce that the Johannesburg Stock Exchange (JSE) has signed a significant contract extension for the provision of Beeks' Exchange Cloud.\nFollowing the successful launch of the JSE Colo 2.0 in September 2023, the exchange has signed a significant contract extension to meet stronger than anticipated customer demand for the solution and a significant pipeline. As a result, revenue expectations from the initial term of the contract have materially increased, further supporting the recently upwards revised Board expectations for FY25.\nJSE is also exploring a second site from Beeks, for back up and disaster recovery capability and potential use of Proximity Cloud, highlighting the land and expand capability within Tier 1 clients.\nColo 2.0 is an advanced managed infrastructure as a service based on the Beeks Exchange Cloud offering, in partnership with IPC. Colo 2.0 provides JSE customers with leading edge innovative hosting and connectivity solutions, accessing on-demand private cloud computing and low latency analytics.\nGordon McArthur, CEO at Beeks, commented: \"We are delighted with the response from JSE customers to the Colo 2.0 offering and look forward to expanding our engagement with JSE to meet their customers' demand for on-demand cloud computing. The pipeline with other global exchanges continues to progress and grow and we remain confident in continued momentum.\"\nFor further information please contact:\n\n\n\n\nBeeks Financial Cloud Group plc\n\n\n\n\n\n\n\nGordon McArthur, CEO\n\n\nvia Alma\n\n\n\n\nFraser McDonald, CFO\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCanaccord Genuity\n\n\n+44 (0)20 7523 8000\n\n\n\n\nAdam James / Alex Orr\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAlma Strategic Communications\n\n\n+44(0)20 3405 0205\n\n\n\n\nCaroline Forde / Joe Pederzolli\n\n\n\n\n\n\n\n \nAbout Beeks:\nCloud computing is crucial to Capital Markets and finance.\nBeeks Group is a leading managed cloud provider exclusively within this fast-moving sector. Our Infrastructure-as-a-Service model is optimised for low-latency private cloud comp...