Beeks Financial Cloud wins contract extension with JSE

14th Mar 2024 13:32

(Sharecast News) - Beeks Financial Cloud announced a significant contract extension with the Johannesburg Stock Exchange (JSE) on Thursday, for the provision of its Exchange Cloud.

The AIM-traded firm said the contract extension followed the successful launch of the JSE Colo 2.0 in September, and was in response to stronger-than-anticipated customer demand for the Colo 2.0 solution and a significant pipeline of potential clients.

It said the expanded contract was expected to cause a material increase in revenue compared to initial forecasts, further supporting the upward revision of the board's expectations for the 2025 financial year.

In addition to the contract extension, Beeks said the JSE was exploring further collaboration with the company, including the potential deployment of a second site for backup and disaster recovery capability, and the use of Beeks' Proximity Cloud.

The company said Colo 2.0, developed in partnership with IPC, offers advanced managed infrastructure-as-a-service, giving JSE customers access to hosting and connectivity solutions.

That includes on-demand private cloud computing and low-latency analytics.

"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," said chief executive officer Gordon McArthur.

"The pipeline with other global exchanges continues to progress and grow and we remain confident in continued momentum."

At 1245 GMT, shares in Beeks Financial Cloud Group were up 4.25% at 179.25p.

Reporting by Josh White for Sharecast.com.