"The Bank of England has trebled the amount it is spending on its Oracle systems integrator amid efforts to migrate business applications to the cloud. The UK's central bank has planned the move since 2020, and a recent procurement note revealed it has increased financial outlay with Oracle implementation partner Version 1 to £21.5 million after initially tendering the contract for £7 million."
"The latest increase is due to an amendment to the Bank's Application Management Service contract, including the "need for additional works, services or supplies" that "were not included in the initial procurement," the notice says. Another supplier could not meet these requirements for "economic or technical reasons such as requirements of interchangeability or interoperability with existing equipment, services or installations." Any change in supplier might also "cause significant inconvenience or substantial duplication of costs," it adds."
"The latest increase is the second time the 330-year-old institution has upped the contract value. The procurement was first advertised for £7 million ib 2022, and, after a competition, it was awarded to Version 1 for £8.7 million in September 2023. In February last year, that figure was inflated to £13.8 million, with the bulk of the increase attributed to "amended implementation methodology, from a two-phase approach, to a multiple-phase approach with Oracle Modules going live based on the Bank's priorities.""
Bank of England has increased spending on its Oracle systems integrator to £21.5 million to support migration of business applications to Oracle Cloud. Version 1 was engaged to support technical implementation and change management for the Oracle Cloud implementation and business change program. The contract was originally tendered at £7 million, awarded at £8.7 million in September 2023, and later rose to £13.8 million after an implementation-methodology change before reaching £21.5 million due to additional works not included in the initial procurement. Changing supplier was judged impractical because of interoperability and cost-duplication risks.
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