Beeks announces earn-out payment in respect of Velocimetrics acquisition
Beeks Financial Cloud Group PLC (LON:BKS), a cloud computing and connectivity provider for financial markets, today announced a payment of the earn-out consideration in respect of its acquisition of Velocimetrics Limited.
Velocimetrics’s earn-out was based on achieving certain gross revenue targets during the financial year ending June 30, 2020. Further earn out consideration may become payable for the year ended June 30, 2021.
The agreed earn-out payment being made by the Group shall be satisfied by the payment of £48,890 in cash and by the issue of 430,946 ordinary shares of 0.125 pence par value each. These Earn Out Shares will be subject to a 12-month lock-in restriction subject to certain customary exceptions, including with the prior written consent of the company.
Application has been made to the London Stock Exchange for the 430,946 Earn Out Shares to be admitted to trading on AIM, with admission expected to take place at 8:00am on 15 December 2020. Following Admission of the Earn Out Shares, the Company will have a total of 51,703,322 Ordinary Shares in issue.
Let’s recall that, in November 2020, Beeks announced the launch of Beeks Analytics as a Service, a cloud-neutral network monitoring and trade analytics tool for the financial markets. Beeks Analytics as a Service, which uses Velocimetrics technology, provides financial market organisations with the ability to consume powerful network monitoring and wire-based trade analytics as a cloud hosted offering.
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.