Form3 is a successful FinTech that was seeking cost-saving techniques from Cloud FinOps experts during a time of significant growth.
Preqin has been a customer of Strategic Blue since April 2018 and has experienced first-hand the development in the services that Strategic Blue has been able to offer.
Preqin is one of the world’s most reliable sources of data, insights and tools for alternative assets. Their global research teams maintain relationships with industry professionals and monitor thousands of sources to provide the most comprehensive, accurate and timely data – delivered through cutting edge technology and workflow tools.
As a cloud-centric company, Preqin needs to keep costs down, whilst providing their customers with the highest standard of analytics through their platform. This created the ideal environment for Strategic Blue to help reduce the cloud costs, allowing Preqin to focus on their core business.
Cost Management in IAAS is never easy or fun. We are very pleased that Strategic Blue has helped ease that load.
Preqin is a sophisticated cloud customer, their cutting edge technology and workflows make this a prerequisite. The development of their platform, offerings, and technology used has meant that they have needed an agile cloud reseller to be able to fit their ever-changing needs.
Preqin is looking for cost reduction that fits in with their changing environments, this meant that using the cloud vendor directly would be difficult - due to the strict terms. Instead, Preqin sought non-standard ways to save money, something Strategic Blue was able to explore. Again, this would allow Preqin to feel non-constrained and free to make changes to their cloud architecture as they see fit, whilst Strategic Blue focused on how money could be saved.
Committing usage to the cloud vendors can be restrictive. Once a customer has committed usage it makes it very difficult to change this. Preqin, for example, found their cloud roadmap changing towards the route of containers but also found much of their infrastructure tied into long-term commitments.
When Preqin found themselves moving towards the containerisation route, it meant that significant changes had to be considered. Preqin found themselves in a position where they had committed three years of cloud usage, that was likely to change or stop. As a sophisticated reseller, Strategic Blue was able to buy-back the remainder of the two-year commitment - something that isn’t possible directly to the cloud vendor. This has freed Preqin of their original commitment, allowing them to make any necessary changes to their infrastructure.
Strategic Blue also offers a range of flexible and short-term commitments, such as three or six-month commitments allowing Preqin to save money and not worry about the long-term constraints. On average Strategic Blue has saved Preqin $11k per month on their AWS bill through a mixture of standard and non-standard methods. Strategic Blue is particularly excited to see how Preqin's plans develop over the next six months and are looking forward to using financial intermediation to save money wherever possible.
With lots of spinning plates and changes on the horizon, communication is key to ensure a successful and low-cost cloud strategy. Strategic Blue and Preqin hold monthly meetings to discuss potential savings and upcoming changes that might impact the current environment. Strategic Blue, as a cloud reseller, was able to let Preqin focus on the technical changes that were required, whilst fitting around this and providing ways to reduce their cloud costs. To allow for large changes to the infrastructure, Strategic Blue gave Preqin as much flexibility as possible, as much visibility as possible and continued to reduce their AWS bill. Changes that wouldn’t be possible directly to the cloud vendor.