The data-services stock is climbing thanks to a new partnership.
What happened
Shares of Snowflake (SNOW 3.62%) are climbing in Tuesday’s daily trading session despite selling pressures impacting the broader market. The data-services specialist’s stock was up roughly 3% as of 3 p.m. ET, according to data from S&P Global Market Intelligence. Meanwhile, the S&P 500 index and the Nasdaq Composite index were both down roughly 0.8% at that point in the day’s trading.
The gains for the stock appear to have been powered by the unveiling of a new partnership. Striim, a provider of unified data integration and data streaming services, published a press release Tuesday morning announcing that it would be bringing its services to Snowflake’s platform.
So what
While the broader market saw bearish pressures in Tuesday’s daily session due to rising concerns about signs the economy is slowing, the announcement of the partnership between Striim and Snowflake has managed to push the latter company’s share price climb. Striim for Snowflake will be a data-streaming solution that allows for the loading, integration, and synchronization of data from enterprise databases from Oracle, Microsoft, and PostgreSQL.
Now what
Striim for Snowflake has the potential to be a significant selling point for Snowflake’s Data Cloud platform. The recently announced service will bring new data-streaming capabilities to Data Cloud and potentially strengthens both Snowflake’s and Striim’s positions relative to competitors. Snowflake’s core data-warehousing platform offers users the ability to combine and analyze data from disparate cloud infrastructure sources, and adding data-streaming capabilities stands to strengthen Data Cloud’s overall information management and analytics capabilities.
