The company has secured its first $1m annualised contract, with an undisclosed global financial markets technology provider.

Beeks Financial Cloud will provide the technology provider with a global deployment of private cloud infrastructure.

Beeks Financial Cloud will be the preferred cloud vendor for on-demand infrastructure provision globally, to complement the customer’s existing secure, high-performance data and voice communications solutions delivered to the global financial markets.

The SaaS-based contract will commence in January 2020 and is committed to grow to a run rate of $1m annually, with the potential for further expansion thereafter.

The company has also signed a three-year contract with a cloud-based payments solution provider. The contract is worth £1.1m over three years, with implementation due to be completed in the first half of the calendar year 2020. This is the first win for Beeks in the growing Open Banking and Payments sector, demonstrating the security of the Beeks’ offering and applicability to this new segment of the financial markets.

Beeks Financial Cloud will design and supply a private network and fully managed infrastructure environment, enabling the Payments Provider to expand its secure and resilient end-to-end Payments-as-a-Service solution for financial institutions and regulated Fintech organisations.

Gordon McArthur, CEO of Beeks Financial Cloud, said: “We are delighted to be able to announce two such significant new customers. Our selection as preferred vendor for one of the largest technology providers for financial markets globally represents our largest initial customer deployment to date and provides Beeks with a significant growth opportunity. The scalability of our network means that we are ideally placed to provide substantial cloud infrastructure setup across our locations internationally.”