According to Salesforce.com Inc.’s (NYSE:CRM) recent Q3 2020 filling the company bought Snowflake Inc. As of the end of the third quarter, Salesforce owned two stocks valued at $531 million.
Salesforce Ventures buys Snowflake bring its portfolio to 2.083 million shares
The cloud-based customer relations management company currently has 2.083 million shares of which is around 98% of its total portfolio. The stock purchase prices ranged from $217.39 to $259.13, with an estimated average stock price of $238.1. The purchase of the stock impacted the portfolio of the company by 98.43%.
Recently the companies unveiled new data integration tools to help organizations and business in moving Salesforce data to Snowflake for analysis using the Salesforce Tableau and Einstein business intelligence tools. Salesforce had bought an undisclosed stake in Snowflake when Salesforce Ventures was among the investors in Snowflake’s $479 million Series G funding round in February.
The CRM application company is among the industry leaders in cloud solutions, and thus the expansion of its alliance with Snowflake is notable. Snowflake is becoming part of Salesforce’s orbit with the new Data Cloud concept it recently launched. Among the solutions, the companies launched is the Einstein Analytics Output Connector for Snowflake, which enables customers to Salesforce data to Snowflake Platform. Customers can then analyze the data using Einstein Analytics tools and Tableau data visualization software. This new solution can also update Salesforce data in Snowflake.
Snowflake recently completed the largest software IPO
Snowflake recently completed the largest software IPO raising over $3 billion thanks to growing transfer of enterprise data and analytics workloads to the cloud. Some industry watchers consider the IPO as a sign of the robustness of the data warehouse market that has been transforming to the cloud space primarily dominated by cloud giants such as Amazon.com Inc. (NASDAQ:AMZN), and Microsoft Coro (NASDAQ:MSFT). There is a growing need for cloud data warehouses, and the Snowflake IPO is a testament to the allure of the sector. It also enhances the profile of the data cloud market that is highly competitive.