Scottish financial technology group Beeks Financial Cloud has outlined plans to raise £7 million with a flotation on the junior AIM market.
The Paisley-based company, which provides niche cloud computing services for automated trading in Futures and Forex financial products, expects to join AIM on 27 November with a market cap of £24.5 million.
Cenkos Securities is acting as nominated adviser and broker on the admission.
Beeks, which launched in 2011, said its platform “provides ‘on demand’ low latency computing resources to its clients through its direct connectivity to the leading Financial Exchanges across the world”.
Its clients include around 165 financial institutions and more than 6,000 direct/indirect Virtual Private Server (“VPS”) clients globally on an ‘on demand’ or ‘pay for what you use’ model.
Revenues for the 2017 year to June rose to £4 million, up from £2.7 million in 2016.
The company said the fund raise will provide an “opportunity to accelerate organic growth through acquisitions in a fragmented marketplace” having added two acquisitions to date.
Chief executive Gordon McArthur said: “Beeks has established itself as a leading technology provider in automated trading in Forex and Futures financial products – a growing niche market.
“By accessing our cloud-based platform, which has direct connections to major trading centres around the world, our customers are able to trade quickly and at a fraction of the cost of building their own capability.
“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.
“I am excited about the prospects that lie ahead.”
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