Published on: April 15, 2020

Strategic acquisition and COVID-19 update

Beeks Financial Cloud (“Beeks”) has announced the acquisition of Velocimetrics Limited (“Velocimetrics”), a software developer providing network monitoring and trade analytics software to financial services clients. The deal brings new products to the group and with a client base of largely tier-1 financial services institutions, should provide strong cross-selling opportunities. Beeks has also announced that COVID-19 has so far had only a minimal impact on the group but signals that new customer implementations may be delayed. We revise forecasts following the announcement, with acknowledgement of the uncertainty over the longer- term impact on the business of COVID-19 outweighing the contribution of the acquisition.

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