Cloud data platform Snowflake filed documents for a confidential IPO at the Securities and Exchange Commission. This is revealed in a report by Bloomberg.
The company was valued at 12.4 billion dollars (10.9 billion euros) in February following an investment round that raised 479 million dollars (422 million euros). The largest investors were Dragoneer Investment Group and Salesforce Ventures, a subsidiary of Salesforce.
One of the sources of Bloomberg indicated that Snowflake is currently in talks with potential insurers about a public listing scheduled within a few months.
A confidential IPO allows companies with less than one billion dollars (880 million euros) in profit to go public without the need to disclose certain documents. As a result, analysts can’t directly access the company’s records.
Snowflake represents a new trend of cloud-native data storage as opposed to on-premise data centers. The company’s most significant partner is AWS, but Snowflake’s Cloud Data Platform is designed to run on virtually any cloud platform, including Azure and Google Cloud Platform.
Partnering with Salesforce
In February, Snowflake announced a close partnership with Salesforce. Snowflake announced previous week that it had expanded its data warehousing capabilities, which included integrations with Salesforce.
The native integrations between Snowflake and Salesforce include tools to unify and analyse the data in the Cloud Data Platform and to visualise the data in Tableau and Salesforce. These integrations should close any gaps in the data and provide more useful data for businesses.