Snowflake to buy database startup Crunchy Data for about $250 million
Crunchy Data sells access to a cloud-hosted version of the PostgreSQL open-source database, which replaced MySQL as the most popular database in Stack Overflow's annual developer survey in 2023. Crunchy Data's service includes security and performance enhancements in comparison with the standard open-source code.
Snowflake rival Databricks last month announced its intent to acquire Neon, whose software is also based on PostgreSQL, for around $1 billion. Snowflake also looked at buying Neon last year but walked away, according to a different person who added that Crunchy Data generates over $30 million in annualized revenue.
Neon did not immediately respond to a request for comment.
Both Databricks and Snowflake are counting on their respective deals to help them benefit from corporate spending to deliver artificial intelligence agents that carry out tasks on their own.
With Crunchy Data, Snowflake will soon provide early access to a PostgreSQL database service, according to a statement. The plan is to simplify the process of moving data into Snowflake with the new service so clients can more easily run queries on a larger supply of data, according to Christian Kleinerman, executive vice president of product at Snowflake.
Shares of Snowflake are up around 36% so far this year. In May, Stifel analysts likened the company to top-tier golfer Scottie Scheffler, saying Snowflake had delivered a "Scheffler Like Quarter & Guide," surpassing consensus with 25% year-over-year revenue growth. Stifel has a buy rating on Snowflake stock.
"We're helping our customers build a strong foundation to lead in the era of agentic AI," CEO Sridhar Ramaswamy told analysts on a conference call in May. "We're continuing on this momentum, and you'll see even more from us in just a few weeks."
Crunchy Data was founded in 2012 and is based in Charleston, South Carolina, with around 100 employees. Investors include Alsop Louie Partners, Gray Ventures, Harbert Growth Partners and Heavybit. Clients include Kyndryl, Thales, UPS and the U.S. Department of Homeland Security. The
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