, became a technology star by addressing a pressing need: helping businesses store and manage their data in the cloud.
"COVID is Snowflake's best friend," Eric Schiffer, president of the private equity firm Patriarch Organization, told Business Insider. "COVID-19 has become more of a tailwind than a headwind for us," he told Business Insider, indicating that Snowflake was likely seeing similar trends. "COVID-19 essentially took us from 2020 April to 2023 May. We skipped 2021 and 2022. Whatever projects were planned for 2021 and 2022 suddenly got packed into six, eight or 12 months."
Snowflake's tools worked on the platforms of the three giants, which made it attractive to clients looking for flexibility and who did not want to be locked into one cloud provider. "It's going to be a fierce hard fought battle," Verma said. "If Snowflake doesn't execute, then it will probably not be the Cinderella story that we all think it is…It is going to be a fiercely fiercely competitive market, and it's competing against vendors with extremely deep pockets."
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