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    Home » Google Pumps in $1 Billion In CME With 10-Year Cloud Computing Partnership
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    Google Pumps in $1 Billion In CME With 10-Year Cloud Computing Partnership

    November 5, 20211 Min Read
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    Alphabet Inc’s Google has ploughed in $1 billion into CME Group and entered into a separate deal to move the futures exchange operator’s trading systems to the cloud.

    • Under the 10-year deal provisions between Google and CME, the Chicago-based exchange platform will start shifting its technology infrastructure to Google Cloud next year.
    • The agreement with CME marks a huge milestone for Google’s cloud unit that competes against Amazon.com Inc and Microsoft Corp for massive, lucrative contracts from blue-chip Fortune 500 companies.
    • The deal also gives Google a huge share in the financial services sector that is starting to invest big money in cloud computing services.
    • Google’s $1 billion equity investment in CME Group was in the form of non-voting convertible preferred stock of CME.

    The partnership with Google would enable CME to provide easy access to additional market participants, cost optimization, and streamlining IT infrastructure.

    GOOGL, up +1.16%, CME up +1.37%

     Source: Reuters.

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