Velocimetrics has today announced its acquisition by AIM-listed Beeks Financial Cloud Group, a provider of Infrastructure as a Service (IaaS) for low-latency financial markets.
London-based Velocimetrics, founded in 2009, said the deal benefit from the global reach of Beeks’ multiple centres in its UK headquarters alongside the USA, 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.
Steve Colwill, CEO of Velocimetrics, will join the Beeks Group operations board with special responsibility for product development and mergers and acquisitions.
He 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.”
Gordon McArthur, CEO of Beeks Financial Cloud, added: “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.”