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Snowflake Inc. has become Silicon Valley’s hottest new public company. Here’s what you need to know about it.
What is Snowflake?
San Mateo, Calif.-based Snowflake was founded in 2012 to help companies manage data they store on the cloud—the remote servers and software services provided by the likes of Amazon.com Inc. and Microsoft Corp. that firms use to store and process vast amounts of information. Snowflake works with companies such as Capital One Financial Corp. and videogame maker Electronic Arts Inc. to help them manage and analyze their data. Snowflake, in its filing to go public, said it was vying for a market valued at north of $80 billion.
Who’s behind the company?
The startup has roughly 2,000 employees, and it is run by Chief Executive Frank Slootman, a longtime software investor who previously served as CEO and chairman of ServiceNow Inc. that also had its successful IPO the year Snowflake was founded.
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