London Stock Exchange Group commits to spend minimum $2.8 billion on Microsoft’s cloud-related products
US tech firm Microsoft and the London Stock Exchange Group (LSEG) announced a 10-year partnership that will focus on data, analytics and cloud technology, the UK-based stock exchange and financial information company said Monday.
Microsoft will purchase an approximately 4% equity stake in LSEG, while Scott Guthrie, Microsoft’s Executive Vice President,Cloud and AI Group, will be appointed as a non-executive director of LSEG, according to a statement.
LSEG has made a contractual commitment to spend a minimum $2.8 billion (£2.3 billion) on Microsoft’s cloud-related products during the course of the deal, it added.
“This strategic partnership is a significant milestone on LSEG’s journey towards becoming the leading global financial markets infrastructure and data business and will transform the experience for our customers,” LSEG CEO David Schwimmer said in the statement.
Microsoft Chairman and CEO Satya Nadella said advances in the cloud and artificial intelligence (AI) will fundamentally transform how financial institutions research, interact and adapt to changing market conditions.