FOR IMMEDIATE RELEASE
15 April 2020, London: Velocimetrics has today announced its acquisition by Beeks Financial Cloud Group Plc (AIM: BKS), the global provider of Infrastructure as a Service (IaaS) for low-latency financial markets. The award-winning provider of business flow tracking and real-time, in-stream performance analytics, Velocimetrics, had been in conversation with Beeks during 2019 because of the clear synergies and market strategy common to both companies, with the recent launch of the new stream2Cloud technology adding impetus to the deal. Beeks sees the Velocimetrics real-time analytics and cloud products as a significant addition to its offerings to clients, while Velocimetrics will quickly benefit from the global reach of Beeks’ multiple centres in USA, UK, France, Germany, Singapore, and Hong Kong.
Velocimetrics will continue to operate as a distinct entity: the acquisition will mean added monitoring capabilities for Beeks, while Velocimetrics will benefit from additional resources, and extended geographic reach. Velocimetrics’ expert team will continue to offer the same excellent support for new and existing clients as it always has. Steve Colwill, CEO of Velocimetrics, will join the Beeks Group operations board with special responsibility for product development and mergers and acquisitions.
Steve Colwill, CEO of Velocimetrics, commented: “I am delighted with this acquisition, with the two companies clearly being an excellent fit for each other. The cloud is the future and with this year’s launch of our stream2Cloud product we have already started providing innovative cloud-oriented products. Our market-leading analytics will form part of the Beeks offering and teaming up with Beeks will provide the combined know-how and platform to develop this strategy further. We will of course continue to drive forward our innovation and development, at least at the same pace as we always have, if not faster. I’m very much looking forward to our teams working closely together.”
Gordon McArthur, CEO of Beeks Financial Cloud, said: “While the Group is focused on organic growth, we are always assessing strategic acquisitions that will complement our business model and expand our offering. The acquisition of Velocimetrics accelerates our product roadmap and minimises anticipated product development spend for this functionality, providing us with the ability to offer our clients, today, value-added services in network monitoring and trade analytics. We will integrate the Velocimetrics offerings into our model and launch a SaaS version of their solutions, widening the addressable market for their offering into mid-tier institutions and making it applicable to our 200+ institutional customers. We look forward to welcoming the Velocimetrics team into the Group and delivering on the opportunity ahead.”
Velocimetrics is committed to providing clients with the latest technology in data analytics and monitoring and to developing next generation SaaS solutions in the near future. Its existing products offer benefits to any institution that requires packet capture, storage, analytics and data aggregation from multiple locations, reducing costs and providing increased visibility of their network and system deployments. stream2Cloud is designed to be fully compatible with the full Velocimetrics range of products and can be seamlessly integrated with VMX EndToEnd, the real-time, in-stream analytics system, for access to finance-specific analytics and visualisation options in the cloud, remotely.