Financial services company State Street Corporation is moving to the cloud, with AWS buying the company's two data centers in Massachusetts.

The company announced yesterday that it had selected AWS and Microsoft Azure as its cloud providers as part of what the company is calling its ‘multi-year technology transformation journey’.

State Street Corporation provides financial services to institutional investors world-wide.

While a previous customer of both companies, the announcement marks State Street’s full transition to the cloud. AWS and Azure will be providing a combination of public and private cloud services, and are hoped to enable State Street to ‘more quickly deploy client environments and launch new products and services’.

According to the press release, State Street currently operates out of a network of segregated data center facilities but is "consolidating to a more optimized data center footprint with fit-for-purpose designed and managed facilities" and will be 'transitioning its two core North American data centers to AWS'.

In November 2022, Amazon purchased State Street's entire owned-data center portfolio, consisting of a 99,150 square feet (9,200 sqm) data center in Westborough, Massachusetts, and a 155,000-square-foot (14,400 sqm) facility in Grafton, Massachusetts, for a total of $26.7 million. State Street will be moving its workloads from the two data centers to AWS, though will maintain operations in the facilities for a short time.

"The data center transition provides a path for State Street to rapidly modernize the IT infrastructure layers that a pure public cloud strategy does not address," the company said.

The company first started working with Azure in 2020, and as part of this announcement, intends to expand its use of Azure as a platform for business applications.

“Our objective is to continually enhance our client experience and technology solutions while driving efficiency and productivity across our organization,” said Brian Franz, chief information officer of State Street Corporation. “By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”