Sberbank enters cloud products market

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Sberbank and I-Teco, a Russian system integrator, have signed an agreement on the development of a joint cloud platform, SberCloud. The company will offer cloud solutions to both Sberbank and its partners, as well as external customers. Sberbank participates in the joint venture with 60%.

“To build a cloud platform, we are using the best technology available in Russia and the most competent team,” Herman Gref, CEO and Chairman of the Executive Board of Sberbank noted. “This will enable us to offer a powerful, reliable and protected technological platform for business development.“

The investment will let Sberbank enter the rapidly growing cloud infrastructure market, which is in high demand among both startups and larger companies. Today, one can observe an exponential growth in data volumes that increases business costs by affecting flexibility and increasing product launch periods.

A cloud solutions marketplace will be created to serve the bank’s corporate clients ranging from SMEs to large corporations. The marketplace will let businesses move away from purchasing own servers, while flexibly applying necessary capacities. SberCloud will offer products developed by both Sberbank and leading global partners. This will allow for substantial cost cutting related to IT-equipment and speed up network infrastructure scaling processes, and will also help offer flexible and personalized solutions to each client.

According to Forrester Research Russia, the volume of the global cloud technologies market was USD112 billion in 2016. Experts anticipate that the market will grow 10-15 times in the next 5-7 years.

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