Bank of England Oracle Migration Cost Triples
- Bank of England announces yet another budget increase for its Oracle migration
- It now stands at £21.5 million, up from the £7 million initially advertised
- Oracle is proving to be a big hit with high-profile UK customers
The Bank of england is expected to triple the spend involved with its cloud migration, from £7 million to £21.5 million, per a recent procurement notice.
Changing from a two-phase to a multi-phase rollout, additional migrations to Oracle Accounting Hub adn Oracle Cloud Payroll, and additional work that wasn’t in the original scope, have all been blamed for the rising costs.
However, the Bank of England remains committed to Oracle because switching supplier would not only incur significant costs, but it would also present interoperability problems and othre technical issues.
bank of England set to triple Oracle spend
Because the contract was amended under Regulation 72(1)(b) of Public Contracts Regulations 2015, the Bank of England was permitted to request additional services from the same supplier within certain pricing limitations.
The Bank of England isn’t Oracle’s only major UK customer – the home Office recently awarded the company a £53.5 million contract to deliver SaaS services. Oracle also has its own dedicated UK Sovereign cloud Infrastructure to meet compliance and data residency needs, so the company is well-poised to take on high-class UK contract
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