Shares of the cloud-based data company, Snowflake (NYSE: SNOW) were on an upswing in pre-market trading at the time of publishing on Thursday after a report in The Information that the company could be interested in acquiring search start-up Neeva.
This could be Snowflake’s foray into artificial intelligence (AI) software which companies use for internal information searches and where tech giants like Microsoft (MSFT) and Google (GOOGL) already have an edge.
Neeva was founded by former Google ad-tech executive Sridhar Ramaswamy and according to the report, is already in advanced talks to be acquired by Snowflake. At its last funding round in 2021, it was valued at around $250 million, pre-money.
Analysts are bullish about SNOW stock with a Strong Buy consensus rating based on 21 Buys, three Holds, and one Sell.