Frankfurt-based financial exchange firm Deutsche Bӧrse is expanding its long-standing technology tie-up with Google Cloud by signing a 10-year strategic partnership with the search giant.
Deutsche Bӧrse is responsible for providing a marketplace for trading shares and securities, while giving enterprises and investors access to global capital markets.
The company has been working with Google Cloud since at least September 2019 and this expanded working arrangement will see the public cloud giant become its preferred cloud partner for the next decade.
The pair’s previous work has focused on assisting Deutsche Bӧrse with the migration of its sizeable VMware-based, on-premise application estate to the Google Cloud Platform (GCP).
The company has previously gone on record to confirm it is pursuing a cloud-first strategy as it seeks to modernise its enterprise applications estate and build its business by investing in new technologies, as well as through organic growth and acquisitions.
The expansion of its working relationship with Google Cloud will feed into this by paving the way for the accelerated development of a series of different platforms, spanning digital securities, digital asset trading and data analytics, for Deutsche Bӧrse to build its business on.
Previously, the firm has relied on a mix of different cloud providers, but the main thrust of its work with Google will be a focus on “economising and concentrating” its cloud adoption strategy, the firm said in a statement.
“With its hybrid, multicloud strategy, Deutsche Börse Group has already successfully set new standards for cloud innovation within the financial services industry,” the statement read.
“Google Cloud will become Deutsche Börse Group’s preferred partner for cloud consumption for the next ten years and help to further enhance the groups’ cloud adoption and efficiency.”
Theodor Weimer, CEO at Deutsche Börse, said the expanded Google Cloud partnership feeds into the fact that “innovation and technological advancements are at the core of [the company’s] DNA.”
Weimer added: “To trailblaze changing market environments, and not only meet but also anticipate customer demand, it is key to couple our financial services expertise with the technological prowess of a true market heavyweight.
“Our deep market infrastructure understanding, coupled with Google Cloud’s technology expertise and scale, will drive tangible success for our business and broader financial markets.”
Thomas Kurian, CEO of Google Cloud, said the partnership will see Deutsche Börse dig deep into his firm’s portfolio of cloud products and services.
“Exchanges sit at the epicenter of the financial ecosystem and have an increasingly important role to play to drive the future of market innovation and efficiencies,” said Kurian.
“Our partnership with Deutsche Börse Group underscores the wide range of opportunities and benefits that secure and reliable cloud technology, data analytics and AI [artificial intelligence] can create for market participants.”