Google is investing US$1bn in CME Group (NASDAQ:CME) and the two companies have signed a deal to move the exchange operator to Google Cloud.
Under the 10-year partnership agreement, CME will migrate its technology infrastructure to Google Cloud, beginning next year with data and clearing services and eventually moving all of its markets to the cloud, the companies said in a statement.
"Through this long-term partnership with Google Cloud, CME Group will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants," said Terry Duffy, chairman and chief executive officer of CME.
"This partnership will enable CME Group to bring new products and services to market faster – all in a flexible and scalable environment that will create a wide range of opportunities for the marketplace."
To help facilitate the cloud migration for CME, Ken Vroman has been appointed to a new role as chief transformation officer.
Google’s US$1bn equity investment has been made through non-voting convertible preferred stock of CME.