In the London Stock Exchange Group, Microsoft has bought a 4% share, according to a recent announcement. As part of the agreement, Microsoft will assist LSEG in switching to Microsoft Azure and utilising other Microsoft Cloud services. It is anticipated that new data and analytics services will be created, building on LSEG’s integration of financial data provider Refinitiv.
According to Satya Nadella, CEO of Microsoft, “advances in the cloud and AI will fundamentally revolutionise how financial institutions research, engage, and transact across asset classes, and adapt to changing market conditions.” “Our partnership will bring together the trust and breadth of the Microsoft Cloud — spanning Azure, AI, and Teams — with the industry leadership of the London Stock Exchange Group to build next-generation services that will empower our customers to generate business insights, automate difficult and time-consuming processes, and ultimately do more with less,” the London Stock Exchange Group said.
As a result of this development, Microsoft’s Executive Vice President of Cloud and AI Group, Scott Guthrie, will join LSEG as a non-executive director and LSEG will use more Microsoft technologies in its operations. It is anticipated that as additional products LSEG creates with Microsoft become available, revenue growth would “meaningfully” increase over time.
According to the agreement, over the course of the relationship, which is anticipated to last ten years, LSEG has committed to spending $2.8 billion on Microsoft’s cloud-related goods and services.