– $57 billion Exchange Cloud client, cornerstone of ICE
– Beeks has raised its forecast three times this year
– Analysts predict 62%/43% revenue/earnings growth
When a technology platform company launches new products, it is extremely useful to have a major user on board from the start. Big tick in the box here for Beeks Financial Cloud (BKS: GOAL).
Beeks, which listed shares on the London Stock Exchange five years ago at 50 pence per share, offers low-latency access to trading assets – futures, forex and more. of the world’s major financial centers including London, Frankfurt, New York, Tokyo and Hong Kong.
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The service includes hosting, colocation, connectivity, data flows and network security through a public cloud network. It just launched a private cloud offering called Exchange Cloudan off-the-shelf, off-the-shelf solution that can be installed at a customer site or in a Beeks data center.
Today, Beeks revealed that Exchange Cloud has launched with its first exchange client, ICE Global Network, the US-listed, $57 billion market capitalization global operator of trading networks and equity, commodities, housing and derivatives clearing, with the NYSE as a client.
This is part of Beeks’ master plan to expand beyond its core institutional investor base and into the exchanges themselves.
Beeks’ share price rose more than 8% on the news to 157p, valuing the company at around £110million.
“Such a blue-chip customer lends enormous credibility to the Exchange Cloud offering, where the opportunity could potentially be transformative for the business with no comparable offering currently in the market,” Canaccord Genuity analysts said.
This news was accompanied by a largely numberless trade update that highlights ‘growth over the previous year’ in line with revised market expectations – forecasts have been raised three times this year . Forecasts now call for revenue growth of 62% to £18.9m and a 43% increase in EBITDA (earnings before interest, tax, depreciation and amortization) to £5.9m, which implies a margin of 31.3%.
Issue date: September 12, 2022