Applica AI acquired by Snowflake
- Applica AI, a company offering an AI-based text and document automation platform, founded in 2013 has been acquired by Cloud giant Snowflake.
- The New York-based company with offices in Poland and London, employs around 100 people with a valuation of $59M and will be acquired for a deal worth $170M.
- Recall, that Snowflake reported a good fiscal year in 2022 with revenues exceeding $497 million, up 83% from last year, and product revenue of $466 million beating expectations from the previous year.
- Snowflake also expects to recognize 57% of RPO as revenue in the next 12 months, a 79% increase from last year.
- The company has plans to integrate Applica with its Data Cloud platform to enhance support for unstructured data.
- Slootman highlights Snowflake's strategic position at the intersection of cloud computing, AI, machine learning, and advanced analytics, driving investments from customers anticipating industry-wide changes.
- Applica acquisition aims to leverage unstructured data for advanced analytics and machine learning.
- Details on integration will follow after the deal closes according to Snowflake senior VP of product Christian Kleinerman.
Sources: Channel Futures ,
B.O
