The Securities and Exchange Commission is moving its public statement system to the cloud, NextGov reports.
According to SEC chief information officer Thomas Bayer, the “tremendous spike in the number of requests” for Facebook’s initial public offering information is the reason behind the transition to the cloud.
Bayer added that the SEC exceeded its site’s available bandwidth which caused the website and service to become slow.
Aliya Sternstein wrote that although the SEC will spend “hundreds of thousands of dollars” for the move, the commission expects $3.7 million in annual savings for operations and maintenance.
SEC also forecasted that it will save around $9 million to $12 million in capital expenses for in-house information technology.