Snowflake Inc. acquired Streamlit, Inc. for approximately $710 million.
March 31, 2022
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Snowflake Inc. (NYSE:SNOW) agreed to acquire Streamlit, Inc. for approximately $800 million on March 1, 2022. The consideration is net of cash acquired. A portion of the Equity Consideration that will be issued to Streamlit's founders (Revested Shares) will be subject to revesting agreements pursuant to which the Revested Shares will vest over three years, subject to each founder's continued employment with the Company or its affiliates. The portion of the fair value of these Revested Shares attributable to post-combination services will be expensed over the remaining service periods as stock-based compensation. Closing of the acquisition is subject to the receipt of required regulatory approvals and other customary closing conditions. The transaction is expected to close in the three months ending on April 30, 2022. Leif King, Barry Chang, Jonathan Farrokhnia, Marcela Robledo, Tom Asmar, Kimberly Franko, Kai R. Kramer, Creighton Macy and Teisha C. Johnson of Baker & McKenzie LLP acted as a legal counsel to Snowflake Inc. And Fenwick & West LLP acted as a legal counsel to Streamlit, Inc. Bryan Cave Leighton Paisner LLP acted as legal advisor to the company in the transaction.
Snowflake Inc. (NYSE:SNOW) acquired Streamlit, Inc. for approximately $710 million on March 31, 2022. The acquisition date fair value of the purchase consideration was $650.8 million, which was comprised of $211.8 million in cash and 1.9 million shares of our Class A common stock valued at $438.9 million as of the acquisition date.
Snowflake Inc. enables every organization to mobilize their data with Snowflakes Data Cloud. The Companyâs platform powers the Data Cloud, enabling customers to consolidate data into a single source of truth to drive meaningful business insights, apply artificial intelligence (AI) to solve business problems, build data applications, and share data and data products. Its platform supports a range of workload, including data warehouse, data lake, data engineering, AI/machine learning (ML), applications, collaboration, cybersecurity, and Unistore. Its cloud-native architecture consists of three independently scalable but logically integrated layers across compute, storage, and cloud services. The compute layer provides dedicated resources to enable users to simultaneously access common data sets for many use cases with minimal latency. The storage layer ingests massive amounts and varieties of structured, semi-structured, and unstructured data to create a unified data record.