Databricks co-founder and CEO Ali Ghodsi speaks at the company’s Spark and AI Summit in San Francisco in April 2019.
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Data analysis software manufacturer Databricks said in the report statement On Tuesday, it acquired Tabular, a startup that helps optimize data stored in the cloud.
This measure could help Databricks launch products faster as it faces challenges from snowflake and other entities.
Price is not yet known but wall street journal Databricks will pay between $1 billion and $2 billion, according to reports Tuesday.
Billions of dollars in venture capital helped Databricks fund this and other recent deals, including the acquisitions of database replication startup Arcion and artificial intelligence efficiency startup MosaicML for $100 million and $1.3 billion, respectively. In September, Databricks said it had raised $43 billion in new funding, valuing it more than most startups and some publicly traded enterprise software sellers.
The cost of executing queries before exploring the material and producing graphs may increase. Developers created an open source format called Apache Iceberg that stores data in tables that can be used by a variety of tools. Tabular co-founders Ryan Blue and Dan Weeks are at Netflix. Tabular adds business-friendly features to Iceberg and keeps tables in Amazon or Google cloud. From there, organizations can connect tables to Snowflake and other systems, enabling cheaper queries.
Software stocks plunged last week as executives sales force, MongoDB and Octa New warning to investors about economic turmoil. Databricks behave differently. It grows faster and uses its capital to gain share. data block tell the media In March, the company generated $1.6 billion in revenue for the year ended January 31, growing more than 50%.
Snowflake executives said that some large customers want to move data from the company’s local storage layer to Iceberg tables in a separate location, such as object storage in the Amazon Web Services cloud. This could lead to a decline in Snowflake’s storage revenue. But as organizations get used to executing queries on Iceberg tables, this could spur revenue growth from computational workloads performed on large amounts of data stored elsewhere.
“We think it’s going to be positive,” Snowflake Chief Financial Officer Mike Scarpelli said at a Morgan Stanley event in March. At the summit in San Francisco on Monday, Snowflake declare It will release open source directory software for locating Iceberg tables within 90 days. Tabular is one of the exhibiting partners at this conference.
Databricks promotes its own open source initiative called Delta Lake. Focusing more on Iceberg tables could allow Databricks to gain business from Snowflake customers who support the format.
Founded in 2021, Tabular has raised more than $30 million in funding from investors including Altimeter Capital, Andreessen Horowitz, and Zetta Venture Partners.
watch: Snowflake’s downfall has partly to do with CEO Frank Slootman’s retirement: Jefferies’ Brent Thill
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