FINANCIAL know-how agency Beeks Monetary Cloud, which is predicated on the outskirts of Glasgow, has continued its enlargement drive with an acquisition regardless of the unsure outlook for markets.
Beeks has agreed to purchase Velocimetrics for as much as £4.55 million, in a deal that can enable the corporate
to broaden its produce vary and buyer base.
Intention-listed Beek provides know-how that can be utilized to hurry up on-line buying and selling in monetary merchandise.
London-based Velocimetrics has developed software program that can be utilized to watch transactions which can be in progress and for the manufacturing of efficiency evaluation.
Beeks had deliberate to develop the potential to supply these in home.
Nevertheless, its chief govt Gordon McArthur stated: “ The acquisition of Velocimetrics accelerates our product roadmap, offering us with the power to supply our shoppers community monitoring and commerce analytics, growing our aggressive differentiation whereas minimising anticipated product improvement spend for this performance.”
He famous Beeks expects to have the ability to promote its present providers to Velocimetrics’ prospects.
Mr McArthur had underlined Beeks Monetary’s development amibitions final month when the corporate posted a close to 50 per cent enhance in interim underlying earnings, to £0.6 million from £0.41m.
The corporate’s buyer base consists of massive monetary establishments and personal traders. These have needed to take care of appreciable market volatility amid the worldwide fallout from the unfold of the coronavirus.
Nevertheless, in an replace on buying and selling issued yesterday, Mr McArthur stated: “The elevated volatility throughout world monetary markets is offering a optimistic buying and selling atmosphere for a big proportion of our prospects.”
He stated the corporate had seen minimal detrimental affect on buying and selling within the quarter to March 31, with the vast majority of buyer implementations persevering with as scheduled.
Velocimetrics achieved £1.16m revenues within the yr to June 30. It misplaced £0.47m earlier than tax within the yr. Beeks famous the potential to scale back prices and to attain synergies.
Beeks grew first-half revenues by 23% yearly, to £4.3m, from £3.5m.