A Glasgow-based cloud computing firm has received a £2m grant from Scottish Enterprise as it expands its offer in the financial services market.

Beeks Financial Cloud Group Plc (Beeks), a cloud computing and connectivity provider for financial markets, will use the funding as part of a research and development programme to invest in its Network Automation project. 

The funding will allow for acceleration of the project, which will facilitate growth and expansion at the Company’s Glasgow headquarters and enable Beeks to broaden its product offering, in particular to the Tier 1 financial services market.

The grant is payable in instalments over the next three years and is expected to contribute up to approximately £2.0 million based on an overall project spend of up to £4.2 million.

Customer self-service and automation is at the heart of Beeks’ strategic objectives and is a key differentiator for Beeks in the financial services cloud computing sector. This cross-system project aims to fully automate Beeks’ network infrastructure deployment, enhancing Beeks’ ability to capitalise on the growing adoption of cloud computing infrastructure by Tier 1 financial institutions.

Gordon McArthur, CEO of Beeks Financial Cloud, said: “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.

“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%.”