Beeks’ latest Exchange Cloud deal is with the Australian Securities Exchange (ASX) and forms the basis of the new ASX ‘Colo OnDemand’ service. By removing the burden and capital costs of managing IT infrastructure, Colo OnDemand expands TAM by enabling underserved buy-side firms, niche and smaller brokers, investment firms and emerging software providers to access Australia’s financial markets. This is the second revenue-share contract for Exchange Cloud. While we leave forecasts unchanged, these deals underpin our FY26 estimates. We maintain our view: Beeks is gaining from industry tailwinds (cloud adoption, compliance, data sovereignty, cybersecurity, sustainability, analytics, payment modernisation, AI in risk management), which have enabled it to carve out a moat as market leader in cloud infrastructure for financial markets and payments. In volatile markets, we believe investors are best advised to lean into those companies with a track record of cash generation. We remind that Beeks is a long-term secular growth investment play, and its ‘best of breed’ financial model provides resilience in these uncertain times.