Microsoft announced today a 10-year cloud partnership with the London Stock Exchange Group (LSEG), which will see the organization spend $2.8 billion on Azure and other Microsoft products. As part of the strategic partnership, Microsoft will also acquire 4% of the London Stock Exchange Group.

“Bringing together our leading data sets, analytics and global customer base with Microsoft’s comprehensive and trusted cloud services and global reach creates attractive revenue growth opportunities for both companies,” said David Schwimmer, CEO of London Stock Exchange Group.

The London Stock Exchange Group is the biggest market exchange in Europe, and it will leverage the Microsoft cloud to create a revamped financial data platform and new analytics and modeling solutions. Microsoft and LSEG will also be working on a new LSEG Workspace productivity solution that integrates with Microsoft Teams, Excel, and PowerPoint.

“Microsoft estimates this partnership, and broader market opportunity, could generate an additional $5 billion in revenue for the company over the next 10 years, including the $2.8 billion minimum spend commitments from LSEG for cloud services and support,” said Judson Althoff, Executive Vice President and Chief Commercial Officer at Microsoft.

As part of the new long-term strategic partnership, Scott Guthrie, EVP of Microsoft’s Cloud and AI Group is also set to be appointed as a non-executive director of the London Stock Exchange Group.

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