The Canadian Imperial Bank of Commerce, is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. The Canadian Imperial Bank of Commerce was formed through the June 1, 1961, merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873), the largest merger between chartered banks in Canadian history. CIBC has over 45,000 employees worldwide and provides a full range of financial products and services to over 10 million clients in Canada, the United States and around the world.
Compliance requirements within the financial industry and escalating support costs due to Physical and Virtual server sprawl forced CIBC to re-evaluate their current migration practices. All told, their current antiquated technologies were holding up innovation: 5400 Windows 2003, including 1440 IIS 6.0 instances, 837 SQL 2005 instances. It was critical to migrate these applications in order to meet compliance requirements. They conducted a two-week Proof of Concept and determined that VirtaMove would be a key way forward to solve their problem.
After a two-week Proof of Concept CIBC determined that VirtaMove would be the best solution to move forward to solve their challenge. VirtaMove application migrations proved highly efficient, with a 96% success rate. They achieved up to 100X reduction in effort migrating challenging legacy applications with multiple dependencies. “As Is” COTS and Custom Developed saw a reduction of effort of approximately 60 hrs per server, resulting in nearly $3m in cost savings across nearly 1440 instance migrations and 837 database instance migrations.
- Ensured non-compliant OS environments were retired and removed from audit schedule
- Eliminated exposed security gaps and improved security posture
- Reduced operational cost of on-prem server maintenance
- Reduced cost of application migration