Addleshaw Goddard has advised Royal Bank of Scotland on a £1.55 million funding deal provided to Scottish fintech firm, Beeks Financial Cloud, to acquire London-based tech company, Velocimetrics.
Managed by Addleshaw Goddard’s Finance and Projects team and led by Corporate Lending and Borrowing Partner, Euan Cluness, the acquisition will allow Beeks Financial Cloud to strengthen its available services to clients and subsequently expand its customer base.
Currently, the Glasgow-headquartered company offers market-leading, consumption-based cloud computing and connectivity to the financial services sector and the merger with Velocimetrics will enable a stronger network monitoring and innovative trade analytic offering.
Euan Cluness said: “Beeks Financial Cloud has focused on organic growth to date, but the acquisition of Velocimetrics was a strategic move to help bolster its offering as it looked to expand.
“Its growth has come at a critical time as its efforts are centred towards supporting clients, particularly large financial institutions and private investors, throughout the current economic challenges.
“We are pleased to have supported Royal Bank of Scotland in providing this funding which enabled the acquisition. This demonstrates the support that Royal Bank of Scotland continue to provide their customers in these difficult times."
Last year, Beeks Financial Could reported revenues of £7.35million and profit before tax of £1.32million. For the year to 30 June 2019, Velocimetrics reported revenue of £1.16million pre-tax.