Beeks Financial Cloud Group has acquired network monitoring and trade analytics software firm Velocimetrics for a base consideration of £1.3 million in cash and equity, plus contingent earn-out.
Founded in 2009, UK-based Velocimetrics provides real-time network monitoring and trade analytics software to banks, exchanges, brokers, hedge funds and payments providers.
The firm says it has been in talks with cloud computing and connectivity specialist Beeks about a deal since last year "because of the clear synergies and market strategy common to both companies".
Specifically, the acquisition expands the Beeks' product offering into network automation and trading analytics, while Velocimetrics will benefit from additional resources, and extended geographic reach.
Velocimetrics will continue to operate as a distinct entity, with CEO Steve Colwill joining the Beeks Group operations board with special responsibility for product development and mergers and acquisitions.
Gordon McArthur, CEO, Beeks, says: "The acquisition of Velocimetrics accelerates our product roadmap and minimises 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."