LONDON, April 1, 2026, 15:54 BST
London Stock Exchange Group has tapped Dell Technologies to upgrade its internal systems and roll out a private cloud platform, a move that extends its multi-cloud ambitions further than its existing public-cloud setup. The two companies disclosed the multi-year partnership on Tuesday.
Timing matters. LSEG is under the gun to show its multi-year bets on cloud, data, and artificial intelligence can actually deliver faster growth and better margins. Reuters reported in February that Elliott Management, the activist fund, was pressing LSEG execs to spell out what exactly the Microsoft partnership brings to the table, while also tackling worries that generative AI could eat into the company’s main data business.
A private cloud, which is basically a cloud environment carved out for just one company, offers tighter reins on security, compliance, and performance compared to the public variety. LSEG wants to roll out its new platform across certain Data & Analytics and Markets units, banking on improved resilience and performance.
Dell will handle servers, storage, and automation software, all aimed at simplifying the infrastructure. For LSEG, chief information officer Irfan Hussain described tweaking both public-cloud and internal setups as crucial for keeping “best-in-class services” and increasing “flexibility and resilience.” LSEG
Doug Schmitt, CIO and president of Dell Technologies Services, emphasized the importance of “continuous availability” for financial institutions, along with robust security and compliance. He said the agreement is designed to shore up LSEG’s operational resilience and help ensure critical workloads remain closely monitored. LSEG
On top of the Dell agreement, LSEG is deepening its cloud push with Microsoft. The group’s dedicated Microsoft partnership page outlines an ongoing effort to build integrated data systems atop Azure, Microsoft’s own cloud platform. LSEG pointed to its LSEG Everywhere rollout in its February results, noting new “AI-ready data” collaborations with Anthropic, Databricks, Microsoft, OpenAI, Rogo, and Snowflake. LSEG
LSEG has been pushing a broader strategy front and center. The $27 billion Refinitiv acquisition in 2019 marked a turning point; the firm’s been shaking off the old label of just being the London Stock Exchange’s parent ever since. In February, Frederick Kerr-Smiley at Ninety One pressed for a “chunky buyback,” he told Reuters. LSEG’s answer: organic income climbed 7.1%, margins hit 50.3% on an adjusted EBITDA basis, plus a new £3 billion buyback announced. Reuters
But Dell’s latest step doesn’t settle the main question about growth. Annual subscription value ticked up 5.9% in 2025, which undershoots last year’s 6.3%. Some LSEG investors are pressing for clearer proof, Reuters reports, that the company’s AI and cloud deals will lift margins rather than just pile on extra costs.
Management is projecting organic income growth to land somewhere between 6.5% and 7.5% in 2026. Capital spending: about 9.5% of income. Equity free cash flow should clear at least 2.7 billion pounds. With the Dell integration, investors now have a benchmark that’s easy to track. Resilience is good, but the pressure’s on LSEG to squeeze more growth—faster, and without the clutter.
