Beeks Financial sees 'minimal impact' from Covid-19, acquires Velocimetrics

Cloud computing provider Beeks Financial Cloud acquired UK-based network monitoring and trade analytics software company Velocimetrics on Wednesday after seeing "minimal impact" as a result of the Covid-19 pandemic.

Beeks said current trading was mostly unaffected by measures implemented due to Covid-19, with continued operational cash generation, increased annualised contracted monthly recurring revenues of roughly 95%.

However, the AIM-listed group did caution that new customer implementations may be delayed.

As a result of the strong showing, Beeks opted to forge ahead with its £1.3m acquisition of Velocimetrics in order to expand its product offering and increase its competitive differentiation and provide additional cross-sale opportunities.

Beeks concurrently entered into a new debt facility with The Royal Bank of Scotland totalling £1.5m to fund the acquisition and provide additional growth capital for the enlarged group.

Chief executive Gordon McArthur said: "The acquisition of Velocimetrics accelerates our product roadmap, providing us with the ability to offer our clients network monitoring and trade analytics, increasing our competitive differentiation while minimising anticipated product development spend for this functionality."

As of 0945 BST, Beeks shares were up 4.31% at 94.40p.