Snowflake Inc. acquired Streamlit, Inc. for approximately $710 million.
March 30, 2022
Share
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. is a Data Cloud company. The Companyâs platform is the technology that powers the Data Cloud, enabling customers to consolidate data into a single source of truth to drive meaningful business insights, build data applications, and share data and data products. Its platform unifies data and supports a variety of workloads, including data warehousing, data lakes, and Unistore, as well as collaboration, data engineering, cybersecurity, data science and machine learning, and application development. The Company has developed technology across its platform, including managed service, storage, query capabilities, compute model, data sharing, global infrastructure, and integrated security. The Company also provides frictionless and governed data access so users can securely share data inside and outside of their organizations, generally without copying or moving the underlying data.