HSBC Makes Multi-Year Software Deal with CloudBees

Latest deal expands HSBC’s existing relationship with CloudBees, which began in 2015. Will it take them to the land of milk and honey?

HSBC has chosen software delivery platform provider CloudBees to help its developers and support its banking services across the globe.

With Californian firm CloudBees, the international bank will establish a system of record for deploying software into production.

The two entities are well known to each other. The deal expands HSBC’s existing relationship with CloudBees, which began in 2015. Back in May 2019, CloudBees secured a $10 million (£7.3 million) investment from HSBC to show “the importance of DevOps in the bank’s business and technology future”.

In the latest development, the multi-year agreement, which includes both products and professional services from CloudBees, will help HSBC’s 23,000 developers – and ultimately its 40 million customers.

The agreement includes all components of the CloudBees platform, such as continuous integration, continuous delivery, release orchestration and feature management capabilities.

Ian Haynes, CTO shared services and cloud at HSBC, comments: “We’ve chosen CloudBees because standardisation and automation across our entire software delivery system will enable our developers to get new digital products and services into our customers’ hands quickly and securely.”

“HSBC is an industry leader and the definition of ‘global enterprise scale.’ It doesn’t get more massive or more complex than the environment at HSBC,” adds CloudBees CEO Stephen DeWitt.

HSBC operates a hybrid cloud environment, both off- and on-premise, so the deal will “unify deployments” across both platforms.

CloudBees was founded in 2010 and is backed by Matrix Partners, Lightspeed Venture Partners, Verizon Ventures, Delta-v Capital, Golub Capital and Unusual Ventures. According to Crunchbase, it has raised a total of $111.2 million (£81.4 million) in funding over six rounds.

It has some notable customers, such as Nationwide Building Society in the UK; and Allianz, Bosch, Capital One and DZ Bank.

In other recent news, HSBC said last month it will launch a Banking as a Service (BaaS) offering to let customers create and provide business banking services through their own platforms.

The bank is working with Oracle NetSuite to provide international payments and expense management services embedded into NetSuite’s new SuiteBanking solution. NetSuite customers will be able to automate accounts payable, accounts receivable and reconciliation processes, so users can pay bills, send invoices, get paid and have cash flow visibility.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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