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 crossselling 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 longerterm impact on the business of COVID-19 outweighing the contribution of the acquisition.
15 Apr 2020
Strategic acquisition and COVID-19 update
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Strategic acquisition and COVID-19 update
Beeks Financial Cloud Group Plc (BKS:LON) | 177 4.4 1.4% | Mkt Cap: 117.6m
- Published:
15 Apr 2020 -
Author:
Blaine Tatum -
Pages:
4
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 crossselling 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 longerterm impact on the business of COVID-19 outweighing the contribution of the acquisition.