India Compute Interchange (ICI), a financial marketplace for cloud service providers and enterprises to trade computing resources, on Friday announced its foray into the Indian market in partnership with Chicago-based Universal Compute Exchange (UCX). India Compute Interchange is a joint venture between Universal Compute Exchange and SCAD Consultants, India.
It aims to bring enterprises, government agencies and cloud service providers together to engage in price discovery, trade execution and the physical delivery of computing resources. This will bring in operational agility and capital and market efficiencies, ICI said in a statement.
India Compute Interchange will enable organisations to buy and sell computing processing power as a utility and help to fulfill Prime Minister Narendra Modi's 'Digital India' initiative, it added.
"India's future has never looked brighter. India Compute Interchange will not only create a central transparent marketplace for all 'cloud' users, but will maintain and trade only processing deemed green by governmental standards," ICI founder and chairman Bharat Swami said.
Backed by CME Group (Chicago Mercantile Exchange), UCX enables buyers and sellers to engage in price discovery and trade standardised Workload allocation cube (WAC) financial contracts to reduce their financial IT Infrastructure risk exposure.