Beeks Financial Cloud announced it’s acquired the entire issued share capital of Velocimetrics for a base consideration of £1.3 million ($1.6mn) in cash and equity, plus contingent earn-out. Founded in 2009, Velocimetrics provides real-time network monitoring and trade analytics software to a global client list of financial services businesses, including Tier 1 banks, exchanges, brokers, hedge funds and payments providers to meet the specific monitoring and performance analysis needs within these complex environments.
Beeks sees the Velocimetrics real-time analytics and cloud products as a significant addition to its offerings to clients, while Velocimetrics will benefit from the global reach of Beeks’ multiple centers in US, UK, France, Germany, Singapore, and Hong Kong.
Velocimetrics will continue to operate as a distinct entity, while its team will continue to offer the same support for new and existing clients. Steve Colwill, CEO of Velocimetrics, will join the Beeks Group operations board with special responsibility for product development and mergers and acquisitions.
In a statement, Colwill said: “The cloud is the future and with this year’s launch of our stream2Cloud product we have already started providing innovative cloud-oriented products…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.”
stream2Cloud is a solution aimed to stream enterprise-scale network packet data from multiple sites at once, and is fully compatible with the full Velocimetrics range of products. It can be integrated with its real-time, in-stream analytics system, VMX EndToEnd, for access to finance-specific analytics and visualization options in the cloud, remotely.
Gordon McArthur, CEO of Beeks Financial Cloud, said in a statement: “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 minimizes 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.”