The acquisition expands the product offering of Beeks into network automation and trading analytics.
Beeks Financial Cloud Group Plc announced this Wednesday that it has acquired the entire issued share capital of Velocimetrics Limited for a base consideration of £1.3 million in cash and equity, plus contingent earn-out.
Velocimetrics is a UK-based network monitoring and trade analytics software company. It provides its software to financial services businesses, such as Tier 1 banks, exchanges, brokers, hedge funds, and payment providers.
The acquisition expands the product offering of Beeks into network automation and trading Analytics . In order to fund the acquisition, Beeks has entered into a new debt facility with The Royal Bank of Scotland plc totaling £1.5 million. The debt facility will also provide extra growth capital for the now larger Group.
For the year ended on the 30th of June, 2019, Velocimetrics reported revenue of £1.16 million and loss before tax of £0.47 million and EBITDA loss of £0.18 million. The company operates with a mix of license and recurring revenue through subscription and maintenance, the statement through the London Stock Exchange (LSE) said.
Commenting on the acquisition, Gordon McArthur, CEO of Beeks Financial Cloud, said in the statement: "While the Group is focused on organic growth, we continue to assess strategic acquisitions that will complement our business model and expand our offering.
"The acquisition of Velocimetrics accelerates our product roadmap, providing us with the ability to offer our clients network monitoring and trade analytics, increasing our competitive differentiation while minimising anticipated product development spend for this functionality. We believe the Velocimetrics offering will have wide applicability across our institutional customer base and look forward to welcoming the Velocimetrics team into the Group and delivering on the opportunity ahead.
"We have experienced minimal impact on trading from the measures implemented due to the COVID-19 pandemic, however we continue to monitor the situation closely, with the health and wellbeing of our staff in the UK and globally our priority. The Group benefits from approximately 95% recurring revenues, a strong balance sheet, resilient business model and growing new business pipeline, therefore while we are unlikely to be entirely unimpacted, we believe we are in a strong position to withstand the current challenges."
Beeks Financial Cloud Group Plc announced this Wednesday that it has acquired the entire issued share capital of Velocimetrics Limited for a base consideration of £1.3 million in cash and equity, plus contingent earn-out.
Velocimetrics is a UK-based network monitoring and trade analytics software company. It provides its software to financial services businesses, such as Tier 1 banks, exchanges, brokers, hedge funds, and payment providers.
The acquisition expands the product offering of Beeks into network automation and trading Analytics . In order to fund the acquisition, Beeks has entered into a new debt facility with The Royal Bank of Scotland plc totaling £1.5 million. The debt facility will also provide extra growth capital for the now larger Group.
For the year ended on the 30th of June, 2019, Velocimetrics reported revenue of £1.16 million and loss before tax of £0.47 million and EBITDA loss of £0.18 million. The company operates with a mix of license and recurring revenue through subscription and maintenance, the statement through the London Stock Exchange (LSE) said.
Commenting on the acquisition, Gordon McArthur, CEO of Beeks Financial Cloud, said in the statement: "While the Group is focused on organic growth, we continue to assess strategic acquisitions that will complement our business model and expand our offering.
"The acquisition of Velocimetrics accelerates our product roadmap, providing us with the ability to offer our clients network monitoring and trade analytics, increasing our competitive differentiation while minimising anticipated product development spend for this functionality. We believe the Velocimetrics offering will have wide applicability across our institutional customer base and look forward to welcoming the Velocimetrics team into the Group and delivering on the opportunity ahead.
"We have experienced minimal impact on trading from the measures implemented due to the COVID-19 pandemic, however we continue to monitor the situation closely, with the health and wellbeing of our staff in the UK and globally our priority. The Group benefits from approximately 95% recurring revenues, a strong balance sheet, resilient business model and growing new business pipeline, therefore while we are unlikely to be entirely unimpacted, we believe we are in a strong position to withstand the current challenges."
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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