London Stock Exchange welcomes Beeks Financial Cloud to AIM
London Stock Exchange today welcomes BEEKS Financial Cloud Group plc, a niche cloud computing and connectivity provider for Financial Services clients, onto the AIM market.
The Company, which offers Infrastructure as a Service and connectivity to its clients, enabling same day trading of various asset classes, raised £7 million through a placing at 50p, giving it a market capitalisation of approximately £24.5 million on Admission.
The Beeks platform has been specifically designed for latency sensitive financial services environments and provides 'on demand' low latency computing resources to its clients through its direct connectivity to the leading Financial Exchanges across the world. Beeks' clients include approximately 165 financial institutions and over 6,000 direct/indirect Virtual Private Server ("VPS") clients worldwide. Over 30 Forex brokers, including some of the largest ranked globally by volume "white label" the Beeks platform for use by their own clients.
Joining AIM will not only help raise the Company's profile, but accelerate growth, enter new geographical markets and strengthen the company's working capital position.
Gordon Mcarthur, Chief Executive Officer commented:
"We are delighted to be joining AIM today in what marks a significant milestone for the company. Beeks has established itself as a leading technology provider in automated trading in Forex and Futures financial products – a growing niche market. We have proven our ability to grow the business organically and through acquisitions, which has all been self-funded to date. We believe there is a clear opportunity to accelerate this growth with additional funding and see the capital markets as an obvious choice, given the nature of our business. On behalf of the Board we would like to thank shareholders for their support and we are excited about the prospects that lie ahead."