Beeks Financial Cloud

Beeks Receives £2m R&D Grant for Network Automation Project

Beeks - Automation ProjectThe Glasgow-based leading cloud computing and connectivity provider has received a Scottish Enterprise R&D grant to invest in its Network Automation project. This will allow for acceleration of the project, which will facilitate growth and expansion at the Company’s Glasgow headquarters and enable Beeks to broaden its product offering, in particular to the Tier 1 financial services market.

Payable in installments over the next three years, the grant is expected to contribute up to approximately £2.0 million based on an overall project spend of up to £4.2 million.

Beeks’ strategic objectives include customer self-service and automation as it is considered a key differentiator in the financial services cloud computing sector. The fully automation of the Beeks’ network infrastructure should enhance the firm’s ability to capitalize on the growing adoption of cloud computing infrastructure by Tier 1 financial institutions.

Beeks Financial Cloud
Gordon McArthur, Chief Executive Officer of Beeks Financial Cloud

Gordon McArthur, CEO of Beeks Financial Cloud commented: “We are extremely grateful for Scottish Enterprise in their support for our strategic Network Automation initiative. The project will further strengthen our position as a leading provider of cloud computing services to financial markets, increasing the differentiation of our offering and helping to accelerate our future growth. We are proud to service our international customer base from our Glasgow headquarters and are delighted to be able to continue to expand our team in Scotland.” 

Linda Hanna, Managing Director, Scottish Economic Development at
Scottish Enterprise, said: “We’re delighted to support Beeks’ ambitious expansion plans. The Company has recognised the opportunities presented by the technological revolution, building an innovative, Scotland-based business whose ingenuity is recognised internationally. Beeks’ Network Automation project will help the Company sharpen its competitive edge and accelerate its global growth strategy, strengthening the Glasgow area’s burgeoning reputation as a major fintech subcluster.”

Beeks has most recently signed millionaire deals for cloud infrastructure and open banking and for the financial markets with two contracts: a $1 million annualized deal with a global financial markets technology provider and a £1.1 million contract over three years with a cloud-based payments solution provider. The £1.1 million deal with the open banking and payment solutions provider is the first win for Beeks in the growing Open Banking and Payments sector and implementation is due to be completed in the first half of the calendar year 2020. New regulations, such as the second Payment Services
Directive (PSD2) and the Open Banking reforms, are driving a shift towards new Open Banking and Payments offerings within Financial Services and the growing adoption of cloud-computing to deliver them.