UniCredit continues to increase its investments in technology. Credit: Nikolas Kokovlis/NurPhoto via Getty Images.

UniCredit announced on Wednesday that it was purchasing Belgium’s digital bank Aion and cloud-native platform Vodeno for $401m (€369.79m).

The acquisition will provide UniCredit with in-house cloud expertise, allowing it to target new segments and offer a wider range of technology. 

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UniCredit will also acquire 200 engineers, data scientists and developers. 

The acquisition comes as UniCredit continues to increase its investments in technology in order to keep up with the rapidly digitalising banking sector. 

“The transaction represents one of the first moves by a bank to acquire full ownership of a new technology (without any dependencies from third party core banking providers),” UniCredit said.

Banks across the globe are being tasked with upgrading their legacy IT systems to the cloud.

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Intesa Sanpaolo, UniCredit’s rival, partnered with cloud banking technology provider ThoughtMachine in 2022 to help tackle the transformation.

GlobalData estimates that, in 2021, total global spending by enterprises on private cloud services, hybrid cloud services and cloud management platforms amounted to $160.9bn.

Global spending by enterprises on these three categories of cloud infrastructure solutions will reach $305bn by the end of 2026, having grown at a compound annual growth rate (CAGR) of 13.6%.

Of these categories, private cloud services represents the largest market. In 2021, spending on private cloud services was $92.2bn, equivalent to 57% of the total cloud infrastructure market.

By 2026, total spending on private cloud services will reach $168.2bn, reflecting a CAGR of 12.8% between 2021 and 2026.