Cost of Bank of England's Oracle migration set to triple

Date:
Fri, 09 Jan 2026 15:40:00 +0000

Description:
The Bank of England initially advertised a 7 million contract to help with
its Oracle cloud migration that's now up to 21.5 million.

FULL STORY ======================================================================Bank of England announces yet another budget increase for its Oracle migration It now stands at 21.5 million, up from the 7 million initially advertised Oracle is proving to be a big hit with high-profile UK customers

The Bank of England is expected to triple the spend involved with its cloud migration, from 7 million to 21.5 million, per a recent procurement notice .

Changing from a two-phase to a multi-phase rollout, additional migrations to Oracle Accounting Hub and Oracle Cloud Payroll, and additional work that wasn't in the original scope, have all been blamed for the rising costs.

However, the Bank of England remains committed to Oracle because switching supplier would not only incur significant costs, but it would also present interoperability problems and other technical issues. Bank of England set to triple Oracle spend

Because the contract was amended under Regulation 72(1)(b) of Public
Contracts Regulations 2015, the Bank of England was permitted to request additional services from the same supplier within certain pricing
limitations.

The Bank of England isn't Oracle's only major UK customer the Home Office recently awarded the company a 53.5 million contract to deliver SaaS
services. Oracle also has its own dedicated UK Sovereign Cloud Infrastructure to meet compliance and data residency needs, so the company is well-poised to take on high-class UK contracts.

Version 1 Solutions Ltd, the company behind the migration process, has previously been awarded Oracle's EMEA Partner Award.

It's not the first time that the Bank of England has increased its migration spend. After initially advertising a 7 million contract, Version 1 was
awarded an 8.7 million deal. It was later nearly doubled to 13.8 million.

When this happened in February 2025, a spokesperson told The Register "The Bank is implementing Oracle Cloud to consolidate several different systems which will help the Bank fulfill its mission. We aim to achieve value for money in all our procurement."

Follow TechRadar on Google News and add us as a preferred source to get our expert news, reviews, and opinion in your feeds. Make sure to click the
Follow button!

And of course you can also follow TechRadar on TikTok for news, reviews, unboxings in video form, and get regular updates from us on WhatsApp too.



======================================================================
Link to news story: https://www.techradar.com/pro/cost-of-bank-of-englands-oracle-migration-set-to -triple


--- Mystic BBS v1.12 A49 (Linux/64)
* Origin: tqwNet Technology News (1337:1/100)