CNS supplies virtual servers for Forex, Stock, Commodities, Equities and Derivatives traders and brokers, with its own data centre space in London, New York and Los Angeles, reflecting similar services offered by Beeks to retail traders. With an established customer base and high levels of recurring revenue, the acquisition will bring additional customers and data centre locations to Beeks’ current retail offering, and is expected to deliver cost synergies.
This move helps to achieve the goal outlined in Beeks’ IPO in November 2017, whereby the cash injection received by becoming a listed company would contribute to expanding the business through scaling its assets and via strategic mergers and acquisitions.
Beeks Financial Cloud CEO, Gordon McArthur, commented: “At the time of our IPO, we stated our belief that the fragmented nature of our industry would provide us with the potential to augment our organic growth with both bolt-on and strategic acquisitions. Commercial Network Services is a profitable, growing business whose services reflect those we offer to retail traders. The business therefore fits well within our acquisition criteria and we anticipate that it will be a valuable addition to the Group.”