Tech giant Google has infused $1 billion in Chicago Mercantile Exchange with another deal set to move its trading systems to the cloud, Reuters reported.
- The two parties inked a 10-year partnership which includes the shift of its technology infrastructure to Google Cloud by 2022, which competes with Amazon and Microsoft.
- Google will benefit through gaining a foothold in the financial services sector, which has started to put more investments in cloud computing services.
- The tech firm’s $1 billion equity investment comes in the form of non-voting convertible preferred stock of CME, which would help offer easy access for more market players.
The partnership is also expected to optimize costs and streamline information technology infrastructure. GOOG is up 0.83%, MSFT up 0.17%, and AMZN up 1.95%.