Financial markets infrastructure and data provider London Stock Exchange Group (LSEG) has selected Oracle’s cloud computing platform and infrastructure Oracle Cloud for transforming its finance operations.

By leveraging Oracle Fusion Cloud and Oracle Financial Services Applications, operating on a unified platform, LSEG intends to increase efficiency, lower costs, and enhance its financial planning, forecasting, and controls.

LSEG will be able to automate financial processes and optimise global procurement processes with Oracle Fusion Cloud Enterprise Resource Planning (ERP).

LSEG finance, transformation group head Joanna Fielding said: “We are on a mission to drive sustainable growth for our customers and across our entire business. To do that, we must embrace continuous innovation across our operations, including Finance.

“With Oracle Cloud, we will be better able to align our financial operations to enhance performance, make better use of data, increase efficiency, and streamline billing – all while delivering outstanding service to customers.”

Oracle Fusion Cloud Enterprise Performance Management (EPM), which is part of Oracle Cloud ERP, will facilitate LSEG to streamline forecasting and scenario planning, align financial and operational planning, and boost the speed and accuracy of reporting.

Oracle Revenue Management, Pricing and Billing will help LSEG to automate its billing processes and unify its operations related to billing on a single platform over time.

Besides, it will allow a customer-centric pricing strategy to expedite time-to-market for new products and services apart from boosting the customer experience within a tightly regulated industry.

Oracle EMEA executive vice president Cormac Watters said: “Global organisations are prioritising efficiency and automation to maximise profitability across their revenue streams and better serve their customers.

“With Oracle Cloud, LSEG has an integrated business platform that will shape its future growth with scalable, sustainable financial efficiency, and insights that will help it serve its more than 45,000 customers globally.”

Oracle said that LSEG will replace its 17 legacy finance systems with its applications to build a global platform for future growth.

Earlier this year, LSEG wrapped up the acquisition of risk management firm Acadia to bolster its multi-asset post trade offering for the uncleared derivatives segment.