Born in 2012 and gone public in 2014, Snowflake allows corporate users to store and analyze data using cloud-based hardware and software. Running on Amazon S3 since 2014, on Microfost Azure since 2018 and on the Google Cloud Platform since 2019. It is a ever-growing company with incredible possibilities.
Its success? Easy to understand! No decent comapny is willing to store their data on a personal hardware, and in a world where people work more and more on line companies having an easy access to information is essential.
SNOWFLAKE: THE PROBLEM SOLVER
Snowflake does “warehousing”. It means that its software allows companies to manage the growing amount of data produced and to use it more efficiently. In particular, Snowflake is cloud-based data manager. Often, however, a company entrusts its data to multiple suppliers, to take advantage of different services and more advantageous prices. Sometimes it may happen that part of the data is on Oracle’s cloud and another on Amazon’s. This leads to confusion and fragmentation.
However, Snowflake claims that its software works with various platforms and allows you to keep everything organized and efficient.
A GREAT SUCCESS IN HARD TIMES
Cloud was already popular, but after the pandemic it is one of the sectors with the best growth prospects. Through the internet, the cloud makes a company’s data, documents and files available to all computers that need them.
Without the cloud, this spring’s lockdown would have been a disaster for many businesses. Moreover, now as remote working becomes less rare anyone with an good product with the cloud is doing great business.
Snowflake sales increased 174 percent in the last fiscal year, and doubled in the most recent quarter from the same period last year.
Another great popularity boost was provided by one particular investor. If warren Buffet decided to invest 250 million dollars of shares on a tech company, which he usually doesn’t, must mean something after all.
In fact, Buffett is usually skeptical of tech companies, and he hadn’t invested in an IPO in a few decades. The last time was in 1956 with Ford. His decision to invest in Snowflake, therefore, is in a certain sense extraordinary and was seen as a sign of approval for the company.
