Beeks Acquires Velocimetrics Limited in £1.3 Million Deal

Beeks Financial Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term Group Plc announced this Wednesday that it has acquired the entire issued share capital of Velocimetrics Limited for a base consideration of £1.3 million in cash and equity, plus contingent earn-out.

Velocimetrics is a UK-based network monitoring and trade analytics software company. It provides its software to financial services businesses, such as Tier 1 banks, exchanges, brokers, hedge funds, and payment providers.

The acquisition expands the product offering of Beeks into network automation and trading Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term. In order to fund the acquisition, Beeks has entered into a new debt facility with The Royal Bank of Scotland plc totaling £1.5 million. The debt facility will also provide extra growth capital for the now larger Group.

For the year ended on the 30th of June, 2019, Velocimetrics reported revenue of £1.16 million and loss before tax of £0.47 million and EBITDA loss of £0.18 million. The company operates with a mix of license and recurring revenue through subscription and maintenance, the statement through the London Stock Exchange (LSE) said.

Beeks: COVID-19 has minimal impact on trading

According to the cloud computing and connectivity provider for financial markets, the current coronavirus pandemic will have minimal impact on current trading. However, it may delay new customer implementations.

Commenting on the acquisition, Gordon McArthur, CEO of Beeks Financial Cloud, said in the statement: "While the Group is focused on organic growth, we continue to assess strategic acquisitions that will complement our business model and expand our offering.

"The acquisition of Velocimetrics accelerates our product roadmap, providing us with the ability to offer our clients network monitoring and trade analytics, increasing our competitive differentiation while minimising anticipated product development spend for this functionality. We believe the Velocimetrics offering will have wide applicability across our institutional customer base and look forward to welcoming the Velocimetrics team into the Group and delivering on the opportunity ahead.

"We have experienced minimal impact on trading from the measures implemented due to the COVID-19 pandemic, however we continue to monitor the situation closely, with the health and wellbeing of our staff in the UK and globally our priority. The Group benefits from approximately 95% recurring revenues, a strong balance sheet, resilient business model and growing new business pipeline, therefore while we are unlikely to be entirely unimpacted, we believe we are in a strong position to withstand the current challenges."