ICI, India Compute Interchange (ICI), a new financial marketplace for Indian cloud service providers and enterprise organizations to trade compute resources, today announced its launch in India, with successful initial trades, in partnership with the Chicago-based Universal Compute Exchange (UCX).

 

ICI is a joint venture between UCX, "where the universe trades the cloud", and SCAD Consultants, India.


Prime Minister Narendra Modi's Digital India initiative


ICI will enable organizations to buy and sell compute processing power as a utility and help to fulfil Prime Minister Narendra Modi's Digital India initiative.

 

ICI brings enterprises, government ministries and cloud service providers together to engage in price discovery, trade execution and the physical delivery of compute resources providing operational agility and capital and market efficiencies never seen before.

 

ICI, as part of its partnership with UCX, will trade WAC Financial Products based upon the only patent metric for measuring IT Infrastructure usage, the Workload Allocation Cube (WAC) algorithm. Metering also provides a means to benchmark, compare, and optimize software costs and by extension, operating margins.

 

ICI has been instrumental in educating end users on the importance of the WAC standard and how it gives India, and Indian corporations, a technological edge over the rest of the competitive landscape. Adoption of the WAC concept has been strong, as most early participants understand the need for standardization in the space.


The ICI team, assembled by Dr. Bharat Swami 


The ICI team, assembled by Dr. Bharat Swami, a practising surgeon and serial entrepreneur, and Ms. Chintan Mehta, President of SCAD Group with 20 years of strong legal and consultative experience, is considered to be one of the finest in the field. Swapon Adhikary, Chief Operating Officer and Director Hemal Mewada, both bring substantial resumes with considerable success in past accomplishments.


Ms. Chintan Mehta


Our goal, from day one, has been to help deliver on the Prime Minister's promise of a Digital India and make India the center for all of cloud processing in the Pan Asian hub," said Dr Swami“India’s future has never looked brighter. ICI will not only create a central transparent marketplace for all ‘cloud’ users, but will maintain and trade only processing deemed green by governmental standards.  Between our partners in the US and the magnificent team of experts here in India, we could not be happier. It makes the probability of success much greater”


Adam Zeck, founder of UCX

 

Adam Zeck, founder of UCX said, “What Dr. Swami and his team are doing not only puts India on the forefront of the digital revolution but cements India's place as the central market for all compute resource power trading in the Pan Asian region.”

 

India will show the rest of the world the importance of understanding cloud consumption and production. Digital, Green India is not a dream; it is today’s reality, and ICI is an important piece of the puzzle to achieve that goal," he added.

 

About UCX:

UCX, Universal Compute Xchange, is defining a new asset class of exchange traded products with the support, assistance and backing of CME Group (Chicago Mercantile Exchange), that address the needs and risks of the digital generation. UCX, the leading global exchange for trading infrastructure as a service, IaaS, “The Cloud”, has licensed the patented Workload Allocation Cube (WACTM) metric for measuring IT infrastructure usage, to create the benchmark WAC financial contract. UCX enables buyers and

sellers to engage in price discovery and trade standardized WAC financial contracts to reduce their financial IT Infrastructure risk exposure while increasing operational agility and market efficiency, from a transparent, centralized marketplace. UCX is where the universe comes to trade.

 

For more information visit http://ucxchange.com/ and follow us on twitter @ucxchange

 

About ICI:

ICI, India Compute Interchange, is a new financial marketplace for Indian cloud service providers and enterprise organizations to trade compute resources.  ICI is a joint partnership between UCX, Universal Compute Exchange, and SCAD Consultants, India.http://icixindia.com/wp-content/uploads/2015/07/Brochure.pdf

 

Profiles and pictures of the founders - Dr. Bharat Swami, Ms. Chintan Mehta, Adam Zeck, Hagop "Jack" Bouroudjian can be accessed from the link here


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