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(Sharecast News) - Beeks Financial Cloud confirmed on Wednesday that Nasdaq is its major Exchange Cloud customer announced in February last year, with the service now live within Nasdaq's core data centre in Carteret, New Jersey.
The AIM-traded firm said the deployment marked a significant milestone for Beeks, with customer onboarding expected to start at the end of February this year.
It said the agreement would allow Nasdaq to offer cloud-based infrastructure and analytics to its extensive network of market participants, leveraging Beeks' technology to enhance accessibility and efficiency within the financial markets.
Beeks said its Exchange Cloud solution enabled major exchanges to act as cloud service providers for their end users, delivering scalable and secure solutions tailored to the needs of financial institutions.
Initially deployed at Nasdaq's Carteret NY11 data centre, the partnership would provide opportunities for further expansion, potentially extending Beeks' footprint within Nasdaq's global infrastructure.
The multi-year contract was expected to contribute significantly to Beeks' long-term growth strategy and underpin its financial outlook for the 2025 financial year.
"We are delighted to name Nasdaq, one of the world's leading exchanges, as an Exchange Cloud customer, endorsing the power, scale and capability of the product," said chief executive officer Gordon McArthur.
"Exchange Cloud represents a significant opportunity for Beeks, as the end-user compute market within exchange data centres is considerable.
"We remain focused on the conversion of our substantial pipeline of opportunities, with advanced discussions taking place with other major exchanges across the globe."
At 1345 GMT, shares in Beeks Financial Cloud Group were up 4.16% at 274.98p.
Reporting by Josh White for Sharecast.com.
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