The seventh Exchange Cloud contract is the first multi-year, multi-stock exchange contract. The nuam contract, announced 15 December, sets a new industry benchmark by integrating the Santiago Stock Exchange (Chile), Bolsa de Valores de Lima (Peru) and Bolsa de Valores de Colombia under a single market architecture. This becomes Latin America's first fully integrated multi-country exchange. Once again, we see the revenue share model supporting shorter sales cycles and expanding the Exchange Cloud opportunity. In our view, increased referenceability will help close further pipeline deals. We leave estimates unchanged at this juncture as ‘go live’ is Q3 FY26, with revenue recognition following shortly thereafter. We see Beeks as a long-term secular growth investment play, with a ‘best of breed’ financial model and a pedestrian 10x EV/EBITDA valuation (UK tech 14.1x).