Beeks Financial Cloud Group told Finance Magnates on Thursday that it has acquired Commercial Network Services (CNS). The cloud computing and connectivity provider said that it paid $1.4 million for CNS’ assets.
Founded in 2000, CNS hosts low latency algorithmic trading systems, virtual private networks, and streaming media from data centers in London, New York, and Los Angeles.
The San Diego-based firm claims to serve approximately 1,000 retail traders from across the globe.
Financial reports released by the company indicate that it made $1 million in revenue last year, with a profit of $170,000.
In line with company plans
Beeks’ said that its purchase of the company is in line with its strategy of scaling through organic growth and acquisitions.
The cloud computing services provider added that CNS will help it to grow, and improve pricing for, its retail trading business.
"At the time of our IPO we stated our belief that the fragmented nature of our industry would provide us with the potential to augment our organic growth with both bolt-on and strategic acquisitions,” said Gordon McArthur, Beeks’ chief executive officer.
“[CNS] is a profitable business whose services reflect those we offer to retail traders. The business therefore fits well within our Acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company's shares to gain control of that company. Buying more than 50% of a target firm's stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company's shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services.
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company's shares to gain control of that company. Buying more than 50% of a target firm's stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company's shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services.
Read this Term criteria and we anticipate will be a valuable addition to the Group."
McArthur’s firm will complete its acquisition with a $1.3 million cash payment. The remaining $100,000 will, according to a statement issued by the firm, be “held as retention subject to satisfactory completion of warranties.”
The costs of the deal will be financed by cash funds already held by Beeks. The cloud computing firm said that it expects the deal to enhance earnings after its first full year of ownership.
Beeks Financial Cloud Group told Finance Magnates on Thursday that it has acquired Commercial Network Services (CNS). The cloud computing and connectivity provider said that it paid $1.4 million for CNS’ assets.
Founded in 2000, CNS hosts low latency algorithmic trading systems, virtual private networks, and streaming media from data centers in London, New York, and Los Angeles.
The San Diego-based firm claims to serve approximately 1,000 retail traders from across the globe.
Financial reports released by the company indicate that it made $1 million in revenue last year, with a profit of $170,000.
In line with company plans
Beeks’ said that its purchase of the company is in line with its strategy of scaling through organic growth and acquisitions.
The cloud computing services provider added that CNS will help it to grow, and improve pricing for, its retail trading business.
"At the time of our IPO we stated our belief that the fragmented nature of our industry would provide us with the potential to augment our organic growth with both bolt-on and strategic acquisitions,” said Gordon McArthur, Beeks’ chief executive officer.
“[CNS] is a profitable business whose services reflect those we offer to retail traders. The business therefore fits well within our Acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company's shares to gain control of that company. Buying more than 50% of a target firm's stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company's shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services.
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company's shares to gain control of that company. Buying more than 50% of a target firm's stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company's shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services.
Read this Term criteria and we anticipate will be a valuable addition to the Group."
McArthur’s firm will complete its acquisition with a $1.3 million cash payment. The remaining $100,000 will, according to a statement issued by the firm, be “held as retention subject to satisfactory completion of warranties.”
The costs of the deal will be financed by cash funds already held by Beeks. The cloud computing firm said that it expects the deal to enhance earnings after its first full year of ownership.
