Beeks Financial Cloud Group, a cloud computing and connectivity provider for financial markets, has received a £2 million research and development grant from Scottish Enterprise.
The funding will be used to accelerate Beeks’ Network Automation project. It will also enable the Glasgow-based firm to grow its headquarters and broaden its product offering, with a particular focus on the Tier 1 financial services market.
Over the next three years the grant will be paid in instalments, which are expected to contribute up to an estimated £2 million based on an overall project spend of up to £4.2 million.
The company’s Network Autormation project is a cross-system that seeks to fully automate Beeks’ network infrastructure deployment. This will enable the firm to capitalise on the growing adoption of cloud computing infrastructure by Tier 1 financial institutions.
Gordon McArthur, CEO of Beeks Financial Cloud, commented: “We are extremely grateful for Scottish Enterprise in their support for our strategic Network Automation initiative. The project will further strengthen our position as a leading provider of cloud computing services to financial markets, increasing the differentiation of our offering and helping to accelerate our future growth.
“We are proud to service our international customer base from our Glasgow headquarters and are delighted to be able to continue to expand our team in Scotland.”
Linda Hanna, managing director, Scottish Economic Development at Scottish Enterprise, said: “We’re delighted to support Beeks’ ambitious expansion plans. The Company has recognised the opportunities presented by the technological revolution, building an innovative, Scotland-based business whose ingenuity is recognised internationally.
- Facebook Vows to Crack Down on Deepfake Videos
- Scottish Enterprise Grant Secures US Semiconductor Firm’s Future in Greenock
- Journey to The Cloud – How to Make the Move
“Beeks’ Network Automation project will help the company sharpen its competitive edge and accelerate its global growth strategy, strengthening the Glasgow area’s burgeoning reputation as a major fintech subcluster.”
Ivan McKee, Minister for Trade, Investment and Innovation, said: “I’m sure that Beeks’ increasing investment in Glasgow will give further confidence to all of Scotland’s burgeoning financial technology sector.
“This is another step towards the Scottish Government’s ambitious target to grow Business Expenditure Research and Development (BERD) to £1.75 billion by 2025. To assist this aim we have boosted existing R&D grant funding by £45 million between 2018 and 2021- an increase of almost 70%.”